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OptiontoAcquireGBMsQueenslandPhosphateAssetsGBMResourcesLimited(A...

  1. Smilez
    3,308 Posts.
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    08/07/10
    09:54
    Post #: 6881105
    OptiontoAcquireGBMsQueenslandPhosphateAssets

    GBMResourcesLimited(ASXcode:GBZ)ispleasedtoannouncethatSingaporebasedinvestor,SwiftVentureHoldingsCorporation(SVH)hastakenanoptionoverGBMsphosphateassetslocatedsoutheastofMountIsainNorthQueensland.


    UnderthetermsoftheagreementSVHcanacquirean80%interestinthephosphateassetsbysubscribingforaplacementof28millionsharesatanissuepriceofA$0.10and28millionoptionsexercisableatA$0.20onorbefore30June2013.ThetotalsubscriptionvaluetobepaidbySVHisA$2.8million.


    SVHhaspaidA$280,000forthe60dayoptionandhasuntil30AugustinwhichtocompleteduediligenceandpaythebalanceoffundstotallingA$2.52million.


    Oftheplacementfunds,$600,000willbeallocatedtophosphateexplorationinwhichGBMwillmanageonbehalfofSVH.GBMwillretaina20%freecarriedinterestuntilcompletionofabankablefeasibilitystudy.


    IftheoptionisnotexercisedGBMwillretaintheoptionpaymentandissueSVHwith2.8millionfullypaidordinarysharesatanissuepriceofA$0.10centsperordinaryshareand2.8millionoptionsexercisableatA$0.20onorbefore30June2013.


    Essentially,thephosphateassetshavebeenleveragedtopotentiallyraisefundsatapremiumtoGBMscurrentmarketprice.GBMscorefocusremainsthecoppergoldassetsinnorthernQueenslandandinparticularthepriorityontheBrightlandscoppegoldprojectandthegoldexplorationassetsatMalmsburyincentralVictoria.



    Yourssincerely

    PeterThompson
    ManagingDirector
    GBZ Price at posting: 5.0¢ Sentiment: Hold Disclosure: Held
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