Interesting article....Four Winners in a Takeover – Miocene Metals and OZ...................extract
Given the current crappy market in junior mining, Miocene on its own might not have been able to raise the needed financing, which brings us to the fourth player named above, OZ Minerals (ASX: OZL). OZ’ shares trade on the Australian Stock Exchange at roughly AUD$3.50 for roughly a one billion dollar market cap. It has a substantial cash balance and is debt-free. OZ is an old-time mining company, driving value from existing operations, the drill bit and JV / option agreements around the world.
OZ has already invested almost $1M in Carube directly, on the same terms as the RTO, and must spend $7M to earn 70% of the Bellas Gate project. If OZ funds to the completion of a feasibility study, then OZ earns an additional 10%. OZ also has the right to fund the other Carube licences up to roughly $20M to earn a 70% interest in them.
So how does this takeover benefit everyone? Start with Carube..................
