Chalice makes offer for Sub-Sahara Resources
By: Creamer Media Reporter
3rd April 2009
TEXT SIZE JOHANNESBURG (minigweekly.com) – Exploration and development company Chalise Gold has proposed a merger with Australian junior Sub-Sahara Resources as part of a strategy to consolidate the ownership and fund the continued development of the emerging 1,04-million ounce Zara gold project, in northern Eritrea.
The proposed merger, to be effected by way of a scheme of arrangement, would combine Chalice’s cash resources of about A$10-million with Sub-Sahara’s 69% interest in the Zara gold project.
Under the terms of the scheme, Sub-Sahara shareholders would receive one Chalice share for every 10,73 Sub-Sahara shares held.
Chalice and Sub-Sahara executed a binding term sheet for the proposed merger and expect to execute a merger implementation agreement shortly.
Chalise stated on Friday that on the current timetable, the merger approval of Sub-Sahara shareholders and court approval were expected to be completed by mid-July 2009.
In addition, Chalice has also entered into an agreement with Africa Wide Resources (AWR) to acquire its 11,12% interest in the Zara gold project for consideration comprising A$1,2-million in cash and an early reimbursement of past exploration expenditure of A$454 000 due to AWR.
This acquisition, which is subject to completion of the merger, would result in the newly merged group holding an 80% interest in the Zara project with ASX-listed gold producer Dragon Mining owning the balance.
Following completion of the merger, Chalice will have about 121,2-million shares on issue, a strong funding position with the ability to accelerate the exploration and evaluation of the Zara gold project in Eritrea as the focus of an international gold development strategy.
http://www.finanznachrichten.de/...en-aktien/sub-sahara-resources.asp -----------
Börse trägt das Risiko immer mit sich, die Gewinne hat sie nur manchmal dabei.
Thread abonnieren
