HONG KONG, July 5, 2012 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu" or the "Company") (OTCQB:ELRE) announced today that it has signed a US$3 million Placing Agent Agreement.
Mr. Tsap Wai Ping, Yinfu's CEO signed the agreement with Legarleon Securities Limited, a Hong Kong based securities firm. The term of the agreement expires on August 26, 2012 and is on a "best efforts" basis. Legarleon will earn a 1% success fee according to shares sold.
The Company plans to use the proceeds from this sale for general company purposes as well as for future acquisitions.
Mr. Tsap commented, "This is a positive step forward for the business in developing and funding our properties. I have had a long history with the Legarleon management and thus have faith in their ability to successfully complete the placement with their clients."
About Legarleon Securities Ltd.
Legarleon Securities Limited is registered with the Hong Kong Securities and Futures Commission, has a first class license, Securities and Exchange license (license number: AVJ441) and HKEx participants license (license number: 6519), providing our clients with an innovative trading platform; utilizing the latest securities trading systems and providing our customers with safe, fast and discounted securities trading services.
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company incorporated in the state of Wyoming. The Company owns the Penglai gold mine in Shandong, China. Yinfu Gold trades on the OTCQB under the symbol "ELRE." The transfer agent is Transfer Online, Inc. of Portland, Oregon.
Forward-Looking Statements
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.