SVY stavely minerals limited

SVY - Property purchase 524-acre farm

  1. 3 Posts.
    Hello,

    I am doing some due diligence on the company and I can't find anything to explain the following.
    Does someone know why SVY (Stavely Minerals) bought a farm on August 2022 ?
    Cf 2022 annual report:
    SVY Annual Report June 2022

    Property Purchase and Loan Funds

    On 15 August 2022, the Company settled on the property purchase of for a 524-acre farm, residence and anadditional residential block adjacent to the Thursday’s Gossan prospect, part of its 100%-owned Stavely Copper-Gold Project in western Victoria.

    $1.6 million of loan funding was used towards the acquisition of the land. The funding was provided by twoparties to Stavely’s wholly owned subsidiary, Stavely Pastoral Pty Ltd, as follows:

    Under a loan agreement with Legal Mortgage Holdings Pty Ltd (LMH), LMH advanced $1 million on the followingterms:

    • - Interest payable at 10% pa, payable quarterly in advance

    • - Term of 24 months with a minimum term of 12 months

    • - Secured via a 1st mortgage on the land with a guarantee provided by Stavely Minerals Limited

      Under a loan agreement with Anthony Cairns, Anthony Cairns advanced $0.6 million on the following terms:

    • - Interest payable at 10% pa, payable quarterly in advance

    • - Term of 24 months with a minimum interest term of 12 months
      SVY Annual Report June 2022

      Unsecured, with a guarantee provided by Stavely Minerals Limited

      There are no other matters or circumstances that have arisen since 30 June 2022 that have or may significantlyaffect the operations, results, or state of affairs of the Group in future financial years.

      Thanks.

 
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