Maybe we missed the most important things from today. Two things I note, firstly the title says it all, secondly I missed the in-species distribution. I'm not really sure what it is... Need further research!
CONSOLIDATED SET FOR QUICK CASH FLOW FROM PLANT DEAL
Cairns, Nov 29
Consolidated Tin Mines is expecting early cash-flow after agreeing to purchase the Mt Garnet processing plant in northern Queensland, Australia from cornerstone investor Snow Peak Mines. The plant is close to Consolidated’s own Mt Garnet tin project, which is due to begin production late next year, but will be used initially to produce copper concentrate from Snow Peak’s retained tenements on a toll-treatment basis. Chairman-MD Ralph De Lacey says the deal will generate revenue while Consolidated moves towards its target of becoming a significant tin producer. Consideration for acquisition of the plant and several associated tenements is the issue of 285M shares, with completion due in March 2014. Snow Peak will emerge with about 70% of Consolidated’s shares, reducing to 55% after a planned in-specie distribution to its shareholders.
CSD Price at posting:
8.0¢ Sentiment: None Disclosure: Held
