GBM Resources Limited (ASX code: ?GBZ?) is pleased to announce that Singapore based investor, Swift Venture Holdings Corporation (SVH) has taken an option over GBM?s phosphate assets located southeast of Mount Isa in North Queensland.
Under the terms of the agreement SVH can acquire an 80% interest in the phosphate assets by subscribing for a placement of 28 million shares at an issue price of A$0.10 and 28 million options exercisable at A$0.20 on or before 30 June 2013. The total subscription value to be paid by SVH is A$2.8 million.
SVH has paid A$280,000 for the 60 day option and has until 30 August in which to complete due diligence and pay the balance of funds totalling A$2.52 million.
Of the placement funds, $600,000 will be allocated to phosphate exploration in which GBM will manage on behalf of SVH. GBM will retain a 20% free carried interest until completion of a bankable feasibility study.
If the option is not exercised GBM will retain the option payment and issue SVH with 2.8 million fully paid ordinary shares at an issue price of A$0.10 cents per ordinary share and 2.8 million options exercisable at A$0.20 on or before 30 June 2013.
Essentially, the phosphate assets have been leveraged to potentially raise funds at a premium to GBM?s current market price. GBM?s core focus remains the copper gold assets in northern Queensland and in particular the priority on the Brightlands copper gold project and the gold exploration assets at Malmsbury in central Victoria.
Yours sincerely
Peter Thompson
Managing Direct
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