Kaiser Reef looks to divest Stuart Town assets
PERTH (miningweekly.com) – Junior Kaiser Reef could potentially divest of its New South Wales Stuart Town group of tenements.
The company, which has entered into preliminary discussions over the tenements, on Tuesday told shareholders that while it considered these tenements to be highly prospective for gold mineralisation, Kaiser had made the decision to focus on near mine and near production opportunities in its wholly owned Victorian production and exploration assets.
It is proposed that Kaiser will retain exposure to the Stuart Town project with a 10% free carried interest until a feasibility study is completed.
The consideration the company will receive for the divestment is proposed to consist of a non-refundable deposit of A$25 000 payable by the acquirer Checkmate Minerals following execution of a binding agreement, and the issue of 5-million shares in Checkmate and 2.5-million performance rights in Checkmate, which will vest upon the company delineating a 2012 compliant Joint Ore Reserves Committee inferred mineral resource on the Stuart Town project, verified by an independent competent person, or A$500 000, at the election of Kaiser.
The divestment is proposed to be subject to conditions precedent including: completion of due diligence, Checkmate completing a seed capital raising, Checkmate receiving firm commitments for a capital raising via the issue of shares at not less than A$0.20 a share to facilitate an application to list on ASX, and also receiving written confirmation from the ASX to have its securities listed on the ASX. Furthermore, the transaction would be subject to any necessary regulatory or governmental approvals required by Kaiser and Checkmate entering into other agreements in relation to its proposed ASX listing.
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