Black Mountain Resources - Acquisition of African Operations to Proceed

Black Mountain Resources - Acquisition of African Operations to Proceed

Black Mountain Resources $BMZ announced that legal, technical and financial due diligence has been completed for the acquistion of the Namakeera Vermiculite Mine and Busumbu Phosphate Project, both in Uganda. The Notice of Meeting seeking shareholder approval is to be despatched shortly.


HIGHLIGHTS:

  • Share Sale Agreement and associated documentation executed for the acquisition of 100% of the operating and exporting Namakera Vermiculite Mine and Busumbu Phosphate Project
  • Legal, technical and financial due diligence completed by the Company and its consultants
  • Key conditions precedent to the acquisition now satisfied
  • Independent Technical and Valuation Report and Independent Solicitors Report being finalised
  • Notice of Meeting seeking shareholder approval for the acquisition to be despatched shortly

Black Mountain Resources Limited (ASX:BMZ) (Black Mountain or the Company) announces that the Company has executed formal documentation for the acquisition of 100% of Namakera Mining Company Limited (Namakera) which operates the Namakera Vermiculite Mine and Busumbu Phosphate Project in Uganda.

The acquisition includes the existing Mining License and Exploration License, all mobile mining equipment, the processing plant, power generator, mine office and all associated site infrastructure as well existing run-of-mine and bagged saleable product stockpiles.

The proposed acquisition is considered by the Company to provide its shareholders with an immediate production and cashflow asset that it considers capable of supporting a low cost, long life mining operation with significant expansion opportunity.

The execution by the Company of the Share Sale Agreement and Deed of Assignment of Debt with Namakera’s shareholders Richmond Partners Masters Limited and Jonah Resource Holdings Limited, followed completion of a detailed legal, financial and technical due diligence by the Company and its consultants in Australia, Africa and the United Kingdom and the finalisation of negotiations with all key stakeholders.

With the technical, legal and financial due diligence and a number of key conditions precedent satisfied, the acquisition now remains subject to the Company obtaining all necessary shareholder and regulatory approvals pursuant to the ASX Listing Rules, Corporations Act 2001 (Cth) and other applicable law or regulations, including but not limited to, approval to reinstatement to official quotation on ASX of the Company.

The Company will shortly be despatching a notice of meeting to its shareholders seeking the relevant approvals to proceed with the proposed acquisition, with such notice to contain detailed information relating to the acquisition including amongst other things an Independent Technical Report.

END

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