The ASX Casino - Weekly Shell List, page-3099

BGH a cash up shell at negative EV. IMO, the best cashed up shell on the ASX....

Shares on issue: 232,464,63
Market cap = 8 million
Cash = 543k (31 Dec) + 300k (exercise for oppies on 16 Feb) = $843k to tie it over, while...

Company selling Bundarra Gold Project to Saracen Minerals for AU$8.5 million. On 2 March, the binding sales agreement was signed. Completion of agreement needs:

1) approval by shareholders General Meeting in April
2) the parties entering into a deed of assignment and assumption whereby Saracen will assume the existing royalty obligations in respect of the project
3) regulatory approvals...should be a walk in the park.

Anticipated transaction completion date: April

BGH will receive 8.5 million of SAR shares...50% of the Saracen shares issued to Bligh will be freely tradeable upon issue and 50% will be subject to escrow for one month (which may be waived at Saracen’s discretion) ...calculated using the 15-day volume weighted average price of Saracen shares prior to signing the agreement (i.e. completion date).

The Transaction will enable Bligh to pursue growth through investment and acquisition opportunities. Somers and Partners Pty Ltd is acting as corporate advisor to Bligh. The company also retains a gold license (right next door to this project getting sold) where it plans to explore for more gold and prove up another gold mine.