Black Mountain Resources - Transaction Update and Dispatch of Notice of Meeting
Black Mountain Resources (ASX: BMZ) has dispatched a Notice of Meeting for the proposed acquisition of African Phosphate and the Namakera Vermiculite Mine in Uganda. The Independent Experts have assessed the transaction as being Fair and Reasonable, with the Technical Valuation Report giving a Preferred Valuation of A$38.5m.
Black Mountain Resources Limited (ASX:BMZ) (Black Mountain or the Company) announces that further to the announcements made by the Company to ASX on 5 February 2016 (Agreement to Acquire Producing Mine and Phosphate Project) and on 11 April 2016 (Acquisition of African Operations to Proceed), the Company has today dispatched a Notice of Meeting (Notice) to Shareholders of the Company to approve the acquisition of 100% of the share capital in GLF Holdings Limited (Gulf) (the Transaction).
Gulf is the 100% shareholder of Namakera Mining Company Limited (NMCL), which is the registered holder of Mining License ML 4651, upon which it operates the Namakera Vermiculite Mine and conducts exploration activities on the Busumbu Phosphate Project located in Uganda. NMCL is also the registered holder of Exploration License EL 1534 that is also considered prospective for vermiculite, phosphate, copper, iron, zircon and rare earths mineralisation.
The Shareholders Meeting is to be held at 10.00 a.m. on 15 August 2016 at Suite 183, Level 6, 580 Hay Street, Perth WA 6000.
The Independent Expert’s Report including the Independent Technical Valuation is enclosed with the Notice of Meeting and Explanatory Memorandum, that was dispatched to Shareholders today. These are all important documents and should be read carefully and in their entirety and in conjunction with all other announcements made by the Company.
If you have any questions regarding the matters set out in the Notice of Meeting, Explanatory Memorandum or Independent Expert’s Report please contact the Company, your stockbroker or other professional adviser.