NEW YORK, April 29, 2013 /PRNewswire/ -- The World Sports Alliance Intergovernmental Organization is pleased to announce the signing of an Asset Purchase Agreement with Ghana Gold Corp. to grant the mineral exploration, production and commercialization rights to gold concessions with USD $5 Billion in recoverable gold in the Central African Republic ("CAR").
According to the Asset Purchase Agreement, the WSA-IGO, through WSA Global (the "WSA Integrator") grants to Ghana Gold Corp. mineral exploration, production and commercialization rights to gold concessions in the Central African Republic in consideration for providing the WSA Integrator with the necessary means for the deployment of the WSA-IGO's socio-economic initiative within the WSA member state of the Central African Republic.
The mineral exploration, production and commercialization rights are granted directly by the WSA-IGO in such a manner as to enable Ghana Gold Corp. to operate under the permits, agreements and approvals of the WSA-IGO, the whole under the umbrella offered by the Intergovernmental Organization, but within the Central African Republic. The mining rights acquired by Ghana Gold Corp. will relate to USD $5 Billion in recoverable gold.
According to the terms of the signed Asset Purchase Agreement, Ghana Gold Corp. will issue a controlling block of 500 million restricted common shares, a $250 million, 10-year corporate debenture carrying yearly compounded interest of 6% and the remittance of net smelting royalties of 2.5%. Ghana Gold Corp. will also be required to commit to a $50 million, 10 year work program and to pay an administration fee, which will be based on the annual approved expenditures.
Within the framework of this transaction and of the issuance of the 500 million restricted common shares, the WSA Integrator shall convey to the other WSA member states (the "Recipients"), a total of five percent (5%) of the shares issued in consideration of the mining rights. Thus, thirty (30) WSA member states will each receive 833,333 restricted common shares of the capital of Ghana Gold Corp. to be remitted to the WSA-Member State Development Funds created within the scope of the development of the WSA's Socio-Economic Initiative within the territory of each Recipient Member State.
The transaction contemplated by the Asset Purchase Agreement is scheduled to close on or before May 23, 2013.
"This marks another concrete step towards the deployment of the WSA-IGO's socio-economic initiative within its Member States and, through this process we expect to see this young company become a significant gold player in Africa," said H.E. Amb. Alain Lemieux, President of the World Sports Alliance Intergovernmental Organization.
About the WSA-IGO
The World Sports Alliance Intergovernmental Organization created under the 1969 Vienna Convention with the distinguishing factor being that the WSA does not solicit contributions from its Member States but rather is a self-funded organization with a financial model based on establishing Public-Private-Partnerships ("PPP"). The World Sports Alliance Intergovernmental Organization currently has 31 member states, including but not limited to the Kingdom of Morocco, Dominican Republic, Republic of Panama, the Central African Republic, the Republic of Ghana, Republic of Congo, and the Republic of Chile.
For more information on the World Sports Alliance, please visit the website at www.wsaigo.org
WSA-IGO Headquarters: Tel 212-202-1629
Mr. Olivier M. Latulippe, Chief of Staff of the Executive Office of the President
Tel. +1 (646) 299-9091
About Ghana Gold Corp.
Ghana Gold Corp. is a gold exploration and alluvial gold production company with properties in the Republic of Ghana. Ghana Gold Corp. seeks to expand operations to other neighboring African countries, which have a great gold mining opportunities.
Investor Relations, email@example.com
SOURCE World Sports Alliance Intergovernmental Organization