Global Tech Industries Group, Inc. Provides Update Regarding its Trento Resources and Energy Corp. Subsidiary
New York, NY, March 24, 2022 (GLOBE NEWSWIRE) — Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that Vanor Capital Resources Limited (“Vanor Capital”), the underwriter of a $350,000,000 bond offering for Trento Inversiones SpA, has entered into a memorandum of understanding with Style Age, Inc., a U.S. corporation with offices in Miami, FL and Dubai, UAE, www.styleageinc.com (“SAI”), pursuant to which the parties are engaging in discussions to enter into a definitive agreement for the purchase by SAI of the entire $350,000,000 bond offering. GTII has been informed by Trento Inversiones SpA that Vanor Capital has confirmed SAI’s availability of funds for the bond purchase.
Upon closing of the bond purchase, the bond sale proceeds will be funded to Trento Inversiones SpA in accordance with the terms and conditions of the Private Placement Bond Offering Memorandum, at which time Trento Inversiones SpA intends to commence its rare earth minerals mining operations in Chile. Simultaneous with the closing of the bond purchase, GTII’s wholly owned subsidiary, Trento Resources and Energy Corp. (“Trento Resources”), will acquire a 40% equity interest in Trento Inversiones SpA and GTII will issue to Mr. Sean Wintraub, the former sole shareholder of Trento Resources, 100,000,000 shares of GTII common stock. 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.
David Reichman, GTII’s Chief Executive Officer, stated “We are very pleased that Trento Inversiones SpA is moving closer to completing its bond offering, which will fund its substantial rare earth minerals mining operations in Chile. This proposed transaction can create an incredible opportunity for GTII in the rare earth minerals space, as the demand for rare earth minerals increases dramatically with the shift to green technologies.”
About Global Tech Industries Group, Inc.: GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here https://gtii-us.com/.
About Trento Resources and Energy Corp.: Trento Resources, is a Delaware corporation and wholly owned subsidiary of GTII. It was created 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. Trento SpA owns fourteen hundred hectares of mining concessions for rare earth minerals and iron in Chile. Conclusions in the Associated Geological Consultants report, (under the NI43101 Canadian Code for Reporting Exploration Results Disclosure Standards for Mineral Projects) estimated 1,028,684.25 million tons of reserves of rare earth minerals and iron, valued at $15,430,290,000 (USD). www.inversionestrento.com
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