IRVINE, Calif., Dec. 01, 2020 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (“Vemanti” or the “Company”) (OTC PINK:VMNT), a multi-asset technology-driven company, today announced that it has entered into a Letter of Intent (“LOI”) with Marena Gold Refinery (“Marena Gold”) pursuant to which the parties will complete an equity exchange transaction that will result in Marena Gold becoming a subsidiary of the Company.
Located in the capital city of Bamako, Marena Gold is the 2nd biggest precious metal refinery in the Republic of Mali, one of Africa's top 5 gold producing countries. The refinery is fully operational and covers all the phases necessary for the processing of raw gold with a maximum capacity of 90-kg-per-day at >99.9% purity. With modern machineries and well-trained personnel, it aims to contribute to the supply in the precious metals sector and to the improvement of the general welfare of the entire Western Africa Region, supporting the artisanal and small-scale mining. In addition, with mining concessions in the Kenieba Cercle region of Mali, Marena Gold intends to promote the highest global standards in product and service development, while simultaneously encouraging transparency to benefit market participants. It holds a mining permit over a gold-bearing area where miners are currently extracting gold. It is expected that Marena Gold’s future infrastructure developments will strengthen its position as the leading regional producer for precious metals.
The final details of the transaction will be determined by the parties following due diligence of appropriate legal and financial corporate documents. This is an arm’s length transaction, and the parties intend to sign a definitive share exchange agreement (the “Agreement”) with an expected closing by the end of January 2021. Under the terms of the LOI, up to 20% of the issued and outstanding common stock of Marena Gold will be exchanged for common shares of the Company. The Company anticipates issuing a new class of stock to support the closing of the transaction. Post-closing, the Company will use its best efforts to arrange for additional working capital for the businesses and obligations of Marena Gold in the pursue of LBMA (London Bullion Metal Association) certification.
Effective on the closing of the transaction, an appointed member of the Company will join the Board of Directors of Marena Gold. Completion of the transaction is subject to a number of conditions, including but not limited to the following key conditions:
execution of the Agreement; completion of mutually satisfactory due diligence; and receipt of all required regulatory, corporate and third-party approvals, including the approval of the stockholders of Marena Gold and the fulfillment of all applicable regulatory requirements and conditions necessary to complete the transaction. For more news and updates, current shareholders and prospective investors of the Company can follow @Vemanti on Twitter (https://twitter.com/Vemanti). _______________________________
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