More good news for BTV shareholders, we now have exposure to 4 million ATW shares. Instead of having to wait till 31 july next year for the 2nd $1.5m payment, we get it brought forward 12 months as well as exposure to ATW share price movements on the TSX ( last trade 73c CDN). Last traded price works out we are a further $108,000 up based on the deal. AU$4m still due 31 July 2011.
The news.....
The Directors advise that Batavia has entered into a further deed of variation with ATW Gold Corp, (“ATW”) to amend ATW's payment dates for the acquisition of the Gullewa Gold Project. ATW is currently required to pay the AUD10.0m as follows: 1. AUD1.5m on 31 July 2009, and AUD1.5m on 31 January 2010; and 2. AUD1.5m on 31 July 2010, and AUD1.5m on 31 January 2011. 3. The balance of AUD4.0m on 31 July 2011. Batavia and ATW have now agreed that the AUD1.5m due on 31 July 2009 and the AUD1.5m due in 31 January 2010 will be satisfied by the issue to Batavia of 4.0m shares in ATW at a price of AUD0.75 cents per share (which is approximately CDN0.703 cents). The shares will be issued shortly. ATW shares last traded at CDN 0.73 cents. The Agreement is subject to its acceptance for filing with the TSX Venture Exchange. In all other material ways, the Agreement remains in place and of full force and effect. Yours faithfully BATAVIA MINING LIMITED John W
BTV Price at posting:
12.5¢ Sentiment: ST Buy Disclosure: Held
