MESA, Ariz., Sept. 28, 2010 (GLOBE NEWSWIRE) -- B2 Digital, Inc. (Pink Sheets:BTDG) has received a proposal for financing from Sino-Can Holdings Ltd. Sino-Can Holdings Ltd. will make available to B2 Digital, Inc. a minimum of CDN $100,000 and up to CDN $250,000 for additional testing on the properties owned by Firma Gold in Quebec. Sino-Can Holdings Ltd. plans to review the test results and the existing NI 43-101 feasibility study to complete their due diligence.
B2 Digital, Inc. and Sino-Can Holdings Ltd. have agreed to structure the terms of the financing so that, upon completing the acquisition of control of B2 Digital, Inc., the funds advanced will be converted to capital at $0.10 per share. If, in the event that Sino-Can Holdings Ltd. does not complete the acquisition then all monies advanced to B2 Digital, Inc. for the testing will be forfeited with no conversion rights to equity being provided to Sino-Can Holdings Ltd.
B2 Digital, Inc. President, Paul LaBarre, stated, "We are pleased with this initial stage of discussions with Sino-Can Holdings Ltd. regarding their desire to acquire control of B2 Digital, Inc. We believe this offer to finance additional testing expresses their sincerity in making every effort to complete a transaction while providing a tremendous opportunity for our shareholders."
B2 Digital, Inc. recently entered into a joint venture agreement with Firma Gold. Firma Gold's estimated reserves of 1.5 million ounces could have an estimated worth of $1.875 billion based upon the current price of gold. B2 Digital, Inc. will receive 90% of the net profit after deduction of capital or operating costs incurred in their role as JV partner. Firma Gold will receive 10 percent of the net profit under terms of the Joint Venture Agreement.
About B2 Digital, Inc.
B2 Digital is dedicated to seeking acquisitions and joint ventures within the resource sector and in particular mining properties that contain gold and silver reserves. Management of its subsidiary has many years of experience in the exploration and operations of mining assets. B2 Digital is currently in the process of divesting itself of some of its technology assets. More information on B2 Digital can be found at:
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risk and uncertainties, including but not limited to those detailed from time to time in the Company's filings with Pink Sheets.com. Mining projects are subject to numerous risk factors including changing regulations, volatile commodity prices, and other factors that may preclude production should commercially viable reserves be established on a property and exploration plans dependent on funding and approval of any required permits.