Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Dart Mining: Red Kite Receives FIRB Nod For Unicorn Molybdenum Project Investment 0 comments
    Apr 23, 2013 2:20 AM

    Dart Mining (ASX: DTM) and U.S. based institutional investor RK Mine Finance (Red Kite) have received Foreign Investment Review Board approval for the latter's initial investment in Dart.

    This satisfies the remaining condition to the initial investment by Red Kite, which consists of the purchase of a 2% Unicorn Project royalty for A$4.5 million and the subscription of A$0.8 million for new Dart shares at a 10% premium to 20 day VWAP.

    Dart anticipates that the first tranche of Red Kite's investment into the Unicorn molybdenum project and Dart Mining should be received before mid-May.

    The second tranche of Red Kite's investment is subject to Red Kite being satisfied that certain milestones relating to the Unicorn Project - including demonstrated progress with the prefeasibility studies, with a particular focus on environmental approvals, tailings and metallurgy - have been satisfied.

    Unless extended, these conditions must be met by 31 October 2014.

    Dart is confident these conditions can be met well in advance of that date, with key aspects of the Unicorn Project prefeasibility study already having been commenced.

    Completion of the second tranche will bring Red Kite's total investment to the purchase of a 3% Net Smelter Royalty in the Unicorn Project for cash of $8.5 million, and the injection of $1.5 million in new equity into Dart.

    Dart had $1.81 million in cash as of 30 March 2013.

    About Red Kite

    Red Kite provides mining companies with project financing and metal off-take agreements for initiation or expansion of mine production and is part of the Red Kite group.

    Red Kite operates across the global metals industry from offices in Bermuda, Denver, Hong Kong, London, New York, Shanghai and Sydney. Investors in Red Kite funds include college endowments, foundations, family offices, pensions and other institutional investors.

    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.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.