TORONTO,
March 19, 2013 /CNW/ - Gondwana
Gold Inc. (TSXV:GON) ("Gondwana" or the
"Corporation") is pleased to announce that further to its
news releases of November 19, 2012
and February 21, 2013, it has
completed the acquisition (the "Transaction") of all of the
issued and outstanding shares of Pan African Oil Ltd.
("PAO"). The Transaction constituted a change of
business pursuant to the policies of the TSX Venture Exchange and
the Company is now a Tier 2 oil and gas issuer.
PAO's principal asset is its 72% working
interest in blocks 2211B and 2311A in the Walvis Basin, offshore
Namibia, and an 81% working
interest in Block 2612A in the Lüderitz Basin, offshore
Namibia.
The Company issued 27,811,997 common shares on
closing of the Transaction and now has 58,299,497 common shares
issued and outstanding. All convertible securities of PAO
were exchanged for similar securities of Gondwana.
In connection with the closing of the
Transaction, all of the directors and officers of the Corporation
resigned other than J.D. Miller
(Gondwana's former Chairman) and Dejan
Ristic (Gondwana's Chief Financial Officer). The
directors of the Corporation are Bongani Mtshisi, Gary Wine, J.D.
Miller and John 't Hart. The officers are Gary Wine, Chief Executive Officer, Dejan Ristic, Chief Financial Officer and
Secretary, and Phil Miller, Vice
President, Exploration.
PowerOne Capital Markets Limited acted as PAO's
financial advisor in connection with the Transaction. Clarus
Securities Inc. acted as the Corporation's financial advisor in
connection with the Transaction.
Further detailed disclosure regarding the
Transaction and PAO is set out in the Company's filing statement
dated February 20, 2013 available
under the Company's profile on SEDAR at www.sedar.com.
The TSX Venture Exchange has in no way passed
upon the merits of the Transaction and has neither approved nor
disapproved the contents of this press release.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Gondwana Gold Inc.