Black Mountain Resources - 30 June 2016 Quarterly Report
Black Mountain Resources (ASX: BMZ) June Quarterly Report outlines the Company's plans to transition to a vermiculite producer in Uganda. Documentation has been sent to shareholders, with a vote to be held in mid-August. Following approval and a capital raise, the Company will re-emerge as African Phosphate Limited.
- Completion of legal, financial and technical due diligence on the proposed acquisition of a 100% interest in the Namakera Vermiculite Mine and Busumbu Phosphate Project in Uganda
- Execution of formal sale and purchase documentation with Namakera’s shareholders
- Strengthen Board and management with appointment of Mr. Julian Ford as Independent Non-Executive Chairman and Ms. Amy Fink as Company Secretary and Financial Controller
- Investor roadshows successfully completed in Australia, South Africa and United Kingdom
- Continued support from existing financiers with additional funds advanced under existing facilities to complete due diligence and fund working capital
Subsequent to Quarter End
- Notice of Meeting and Explanatory Memorandum and Independent Expert and Technical Valuation Reports dispatched to Shareholders
The Board of Black Mountain Resources Limited ("Black Mountain" or the "Company") provides the following operations report and quarterly cash flow report (Appendix 5B) of its activities during the three months ended 30 June 2016.