Apex sells off Wiluna mine
PERTH (miningweekly.com) – The share price of ASX-listed Apex Minerals climbed by nearly 15% on news that the company would sell off its embattled Wiluna operation, rather than restarting it.
In a statement to shareholders, the company said this week that it had signed a binding memorandum of understanding (MoU) with Ever Prosperity Investment to sell the Wiluna project for A$50-million.
Apex had been working on improving operating efficiencies at the Wiluna project, in Western Australia, with the aim of returning the operation to long-term, sustainable production.
The gold miner said that as part of the MoU, Apex has provided Ever Prosperity with an exclusive 60-day due diligence period in return for an immediate subscription of more than 8.33-million shares at 6c a share, for a total subscription of A$500 000.
The shares would be held in voluntary escrow for the duration of the due diligence period.
Apex told shareholders that while the company believed in the potential of the Wiluna project to be a significant long-term and profitable gold producer, the company also believed that the outright sale of Wiluna was in the best interest of shareholders.
The sales transaction was conditional upon shareholder approval.
Apex said that the signing of the MoU and the sale of the Younami gold project, for A$15-million, represented key outcomes of the strategic review, and as such, the company would now bring the review to a close.
Apex shares were trading at a high of 6c a share on Wednesday, up from an opening price of 4.7c a share.
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