creasy to sell assets to winward

Australian Millionaire to Sell Assets Into Windward

By Gillian Tan
Anglo-Australian millionaire Mark Creasy, worth $764 million, according to the U.K.’s Sunday Times, is selling a portion of his early-stage mining assets into Australia-listed Windward Resources, people familiar with the matter said Monday.

Mr. Creasy’s Yandal Investments will receive around A$7 million in cash and Windward shares, in return for tenements in close proximity Sirius Resources NL’s majority-owned Nova nickel-and-copper project in Western Australia, the people said.

Mr. Creasy owns 30% of Nova, while Sirius owns the other 70%. Through Yandal Investments, he also owns 20.3% of Sirius, which has a current market value of A$480 million.

Sirius believes the Nova deposit has features in common with Canadian ones, including Vale-owned projects Voisey’s Bay and Thompson, as well as Glencore Xstrata-owned Raglan.

Separately, Windward is raising around A$10 million, at A$0.25 a share, the people said. That represents a 6.4% premium to the stock’s last-traded price of A$0.235. Funds will be used to pay for the acquisition and future exploration of the assets.

Earlier Monday, Windward requested trading in its shares be halted, citing an acquisition and capital raising.

http://blogs.wsj.com/moneybeat/2013/07/22/australian-millionaire-to-sell-assets-into-windward/


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Wriglet