Century Global Commodities Corporation Completes Acquisition of Joint Venture Interests of WISCO Canada ADI Resources Development & Investment Limited in Century’s Attikamagen and Sunny Lake Projects
TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”)
has completed its previously announced acquisition from WISCO Canada ADI Resources Development & Investment Limited (“WISCO ADI”), a 23.5% shareholder of Century, of WISCO
ADI’s joint venture interests in Century’s Attikamagen and Sunny Lake iron ore projects (the “Joint Venture Interests”) in exchange for net cash consideration of $1.17 million (the
“Acquisition”). The Acquisition was completed through the facilities of the Shanghai United Assets and Equity Exchanges (the “Shanghai United Exchange”).
As a result of the completion of the Acquisition, Century’s joint venture agreements with WISCO ADI for Century’s Attikamagen and Sunny Lake iron ore projects have been terminated and Century is now the owner of a 100% interest in each of these projects through its wholly owned subsidiaries. In addition, Century and WISCO ADI have agreed not to pursue any joint venture for the Duncan Lake iron ore project. WISCO ADI continues to be the owner of 23,197,768 common shares of the Company, representing 23.5% of the issued and outstanding shares of Century. Additional details of the Acquisition are included in Century’s news release dated November 2, 2020.
Sandy Chim, CEO of Century commented: “We are very pleased with the completion of the transaction, which will consolidate 100% interests of our joint ventures with our strategic partner, Baowu, to allow Century the full flexibility to advance our iron projects, particularly our flag ship Joyce Lake project, at a time when the iron ore market has been performing very well for a couple of years. In addition, the Acquisition has substantially increased our liquidity and the balance sheet position with the consolidation of our Attikamagen and Sunny Lake project subsidiaries.
We would also take this opportunity to thank Baowu, who will continue to be our important strategic partner and shareholder holding approximately 23.5% of the Company, for all the support over the years and going forward. We look forward to creating great value with these newly consolidated assets for them and all our shareholders of the Company.”
Century Global Commodities Corporation (TSX:CNT) is primarily a resource exploration and development company with a large portfolio of iron ore projects of extensive multi-billion tonne resources in Canada mostly from its own discoveries. It has also other non-ferrous metals properties under exploration and a well-established food distribution business in Hong Kong (Century Food).