Global Tech Industries Group, Inc. Provides Further Update Regarding its Trento Resources and Energy Corp. Subsidiary

Rhea-AI Summary

Global Tech Industries Group, Inc. (OTCQB: GTII) has provided an update on its subsidiary, Trento Resources and Energy Corp. The company is negotiating with multiple qualified buyers for a $350,000,000 bond offering associated with Trento Inversiones SpA. Following discussions, Vanor Capital, the underwriter, will announce selected buyers. Trento Resources aims to acquire a 40% interest in Inversiones Trento SpA, which has significant assets in rare earth minerals and iron, with an estimated reserve value of approximately $15.43 billion.

Positive

• Ongoing negotiations with multiple qualified buyers for a $350 million bond offering may provide significant funding opportunities.
• Trento Resources holds a 40% interest in a company with substantial mining concessions, valued at approximately $15.43 billion.

Negative

• The company is still in the development stage and may incur significant expenses with uncertain profitability.
• There are risks associated with finding and acquiring profitable businesses and assets.

New York, NY, March 25, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today a further update regarding its wholly owned subsidiary, Trento Resources and Energy Corp.

In addition to the memorandum of understanding with the qualified buyer mentioned in yesterday’s press release, Vanor Capital Resources Limited (“Vanor Capital”), the underwriter of the $350,000,000 bond offering for Trento Inversiones SpA, is also in ongoing negotiations with multiple other qualified buyers in connection with the bond offering. Upon conclusion of negotiations and the evaluation process, Vanor Capital and Trento Inversiones SpA intend to make final determinations regarding the selected buyer(s). They plan to update the Company accordingly on their decision at that time.

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

Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/

Safe Harbor Forward-Looking Statements:

This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.

Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.

Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com

FAQ

What recent updates has Global Tech Industries Group (GTII) announced?

GTII announced ongoing negotiations for a $350 million bond offering through its subsidiary, Trento Resources and Energy Corp.

What is the estimated value of the assets held by Trento Resources?

Trento Resources has mining concessions estimated to be valued at approximately $15.43 billion.

Who is underwriting the bond offering for Trento Inversiones SpA?

Vanor Capital Resources Limited is the underwriter for the $350 million bond offering.

What percentage interest does GTII aim to acquire in Inversiones Trento SpA?

GTII aims to acquire a 40% interest in Inversiones Trento SpA.