New York, NY, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today it has entered into a stock purchase agreement (the “SPA”) with Trento Resources and Energy Corp. (“Trento Resources”), a Delaware corporation, and Sean Wintraub (“Mr. Wintraub”), its sole shareholder. Mr. Wintraub is a United Nations global initiative founder who bears Diplomatic Status and has dedicated over 20 years of his life to the development of breakthrough technologies for humanity.
Trento Resources and Energy Corp. www.inversionestrento.com, is a Delaware corporation owned by Mr. Sean Wintraub. He created the company to acquire a 40% interest in Inversiones Trento SpA (‘Trento SpA”), which is a privately-held company registered in Copiapo, Chile, whose purpose is to develop, refine, and sell rare earth minerals and iron (the “Trento Project”).
Trento SpA owns fourteen hundred hectares of mining concessions for rare earth minerals and iron in Chile. (the “Trento Land”). Operations are projected to commence in 2022, with full-scale production expected by the end of 2023.
Conclusions in the Associated Geological Consultants report, (under the NI43101 Canadian Code for Reporting Exploration Results Disclosure Standards for Mineral Projects) estimate 1,028,684.25 million tons of reserves of rare earth minerals and iron, valued at $15,430,290,000 (USD).
Per the SPA, GTII shall issue 100,000,000 shares of its common stock to Mr. Wintraub upon successful closing of a $350,000,000 (USD) bond offering, which proceeds will be used to support large-scale mining operations at the Trento Project.
David Reichman, GTII’s Chief Executive Officer, stated “Almost immediately upon assessing the Trento Project, it became obvious to me that we should pursue this potential partnership with single-minded intention and no hesitation. Notwithstanding the need for a continued clear eye by management and an informed and updated board to guide us, and the completion of the appropriate due diligence, GTII means to move swiftly to secure this unprecedented opportunity”.
Sean Wintraub, Trento Resources’ Chief Executive Officer, added, “ Let me be clear when I say that for continued future growth and success in most industries, those centered in renewable energy technologies and those not, these rare-earth mineral natural resources – lithium, rhodium, and others – are essential, absolutely vital and represent game-changing value. We are honored and excited to bring these valuable resources to the world marketplace. Further, it is the sheer magnitude of these projects that is propelling us to seek out the right partner, whose management team is seasoned, and whose corporate mission has been concerned with the furtherance of businesses and technologies whose goal of supporting a more sustainable planet aligns with those of the Trento Project team”.
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
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Mike King
Princeton Research, Inc.
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