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  • South Boulder Mines Completes Sale Agreement Of Its Non Core Assets 0 comments
    Mar 27, 2013 8:58 PM

    South Boulder Mines (ASX:STB) has completed the asset sale agreement with Duketon Mining to transfer all its non-core assets in exchange for the issue of 31,683,206 Duketon shares.

    The agreement includes all of South Boulder's non-potash assets including listed investments as well as cash of $1 million.

    The demerger will be implemented via an in-specie distribution of 100% of the shares in Duketon to South Boulder shareholders, with shares purchased before close of trading on 5 April 2013 eligible to participate in the distribution.

    The record date to determine entitlement for in-specie distribution is 12 April 2013.

    Duketon will own 100% of the gold and base metals rights in the Duketon Project, located within the well-known Achaean Duketon Greenstone Belt, which also contains Regis Resources' (ASX: RRL) Moolart Well Gold Project.

    Key prospects are the Terminator Gold Prospect and Thomson's Bore Gold Prospect with numerous prospective targets to follow up on in the future.

    Duketon will also hold a 100% interest in the Lake Lefroy and Cutters projects as well as minority stakes in the Cardabia, Pilgangoora and Georgina Basin projects.

    South Boulder's latest cash position was at $15 million.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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