VANCOUVER, BRITISH COLUMBIA -- 11/27/09 -- SKANA Capital Corp. (TSX VENTURE: SKN) -
SKANA Capital Corp. is issuing this press release pursuant to National Instrument 62-103 of the Canadian Securities Administrators, Section 111 of the Securities Act (British Columbia) and Section 176 of the Securities Act (Alberta) with respect to New Guinea Gold Corp. ("NGG").
SKANA Capital Corp. ("SKANA") has acquired ownership and control of an aggregate of 29,166,667 common shares of NGG (the "Subject Shares"), representing approximately 15.73% of the issued and outstanding common shares of NGG as of November 27, 2009. The Subject Shares were acquired by SKANA at a price of $0.12 per share from the treasury of NGG pursuant to a private placement. In connection with SKANA's investment in NGG, SKANA will be entitled to appoint one member to the Board of Directors of NGG.
SKANA has acquired the shares for investment purposes, and has no present intention of acquiring ownership of, or control over, additional securities of NGG. SKANA acquired the Subject Shares pursuant to the exemption set forth in Section 2.3 of National Instrument 45-106 of the Canadian Securities Administrators ("NI 45-106") on the basis that SKANA is an accredited investor as defined in NI 45-106.
About SKANA Capital Corp.
SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in resource-based and other opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.
To acquire a copy of the report filed under applicable securities legislation in connection with the matters disclosed above, please contact Greg Clarkes via the contact information listed below.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
SKANA Capital Corp.
Greg Clarkes
President and CEO
(604) 669-4899
Interesting that the finders fee of 2million plus shares goes to the CEO of Vangold Resources.
