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
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