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GobiMin seeking shareholder approval to become investment company

GobiMin Inc. on Aug. 8 announced plans to change its business from mineral exploration to investments, with shareholder approval to be sought at a Sept. 5 meeting.

The company plans to use its strong working capital position, industry contacts and internal expertise to build a portfolio of high-quality investments.

GobiMin said that as of March 31, it had total assets of about C$84.4 million, liabilities of C$34.9 million and working capital of about C$29.9 million. The company noted that its working capital includes C$23.9 million in cash, a considerable portion of which is earmarked for new investments.

According to S&P Global Market Intelligence data, the company holds interests in various projects in China.

The portfolio includes a 70% stake in the Sawayaerdun gold project, a 2.66% stake in the Yanxi copper project, a 40% interest in the XY copper-gold-silver project and a 40% stake in the Alasitan copper-gold-silver project.