Bullman Minerals Inc. has completed the purchase of all of the issued and outstanding shares of Birimian Gold AS from Norwegian company Douro Gold AS and British Virgin Islands-registered private holding company Goldsea Investment Group Co., Ltd., which is controlled by a Chinese investment group.
According to the agreement signed in December 2012, and amended April 11, 2013, and May 16, 2013, Bullman Minerals issued 18 million common shares to assignees of Douro and 5 million shares to Goldsea, at a deemed price of US$0.20 per share. The company has also paid US$1 million to the Norwegian company for aggregate consideration of approximately US$5.6 million.
Birimian Gold wholly owns two Guinean resource exploration companies which each hold three licenses to properties in the Republic of Guinea, in West Africa.
Shareholders previously approved the Qualifying Transaction, by way of minority approval, at the shareholders’ meeting of Bullman Minerals held on July 4, 2013. Also, at that Meeting, the Board of Directors was expanded to five members and Tore Birkeland and Yong Ouyang were elected to the Board.
Some Senior Officer changes were made in the company with the closing of the Qualifying Transaction. The name of the company was also changed from Bullman Ventures Inc. to Bullman Minerals Inc., and its shares will trade under its existing symbol which will be changed from BUL.P to BUL.