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GobiMin Acquires an Office Property in Hong Kong

GobiMin Inc. (GMN.V) reports that its wholly owned subsidiary has entered into a provisional agreement to acquire an office property in Hong Kong from an independent third party together with the existing tenancy with a rental income of US$13,630 (HK$106,000) per month to be received up to March 31, 2014.

The tenancy agreement of the existing office premises of the Company in Hong Kong will expire in mid March 2014. In light of the soaring property prices in Hong Kong and the low interest rates, the Company expects that rental prices will keep increasing. Therefore, GobiMin proposes to fund the Acquisition and the related stamp duty and agent commission with its own cash for about US$4.17 million (HK$32.4 million) and to settle the remaining consideration by a bank mortgage of about US$2.4 million (HKD18.8 million).

Shares are unchanged at 60 cents.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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