| Minemakers Limited: Sale of South African Legacy Assets | |
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PERTH, AUSTRALIA--(Marketwired - Jul 16, 2015) - Minemakers Limited (MAK.TO)(MAK.AX) ("Minemakers" or the "Company") is pleased to announce that it has completed the sale of all its remaining legacy assets in South Africa to Spearhead Capital Limited ("Spearhead"). These assets remained from Minemakers' original takeover of Bonaparte Diamond Mines NL in 2009 and are no longer core to the business. This asset sale is in line with the Company's strategy to be a major contributor to the world nutrient market via the development of world class rock phosphate projects. Sale proceeds totalling ZAR10,862,874 (A$1,180,000) have been received. Under the sale agreement, ZAR1,852,406 (A$200,000) is to be held in escrow by the Company until the fulfilment of two post-completion accounting conditions. Spearhead is an investment company incorporated in the Seychelles with offices in Eden Island, Seychelles and Johannesburg, South Africa. Cliff Lawrenson, Managing Director of Minemakers, commented: "It is pleasing to realise cash proceeds from legacy assets and, in particular, we would like to acknowledge the effort and tenacity of our Chief Financial Officer, Rod Wheatley, who led the sale process over a prolonged period. Minemakers is well placed to execute its recently announced near-production Baobab Rock Phosphate Project, subject to shareholder approval in August 2015. This cash injection adds to our existing cash will be a useful addition as we work to complete the acquisition of the Baobab Rock Phosphate Project in the Republic of Senegal." Cliff Lawrenson, Managing Director ABN 48 116 296 541
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MineMakers Limited
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DEVELOPMENT STAGE |
CODE : MAK.AX |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
MineMakers is a tin and tungsten exploration company based in Australia. MineMakers develops tin, tungsten, diamonds and phosphate in Australia, in Namibia and in South Africa, and holds various exploration projects in Australia, in Namibia and in South Africa. Its main assets in development are SAVANNA in South Africa, SANDPIPER/MEOB JV in Namibia and WONARAH in Australia and its main exploration properties are ANCHOR ( TASMANIA), MOINA, VAAL RIVER ALLUVIAL and BRONKHORSTFONTEIN in South Africa and ABERFOYLE, STOREY'S CREEK, LUTWYCHE, ROYAL GEORGE, GREAT PYRAMID, CASTLE CAREY, TASMANIA UNITED URANIUM and LUDERITZ PROJECT - ML111 DFI JV in Namibia. MineMakers is listed in Australia and in Germany. Its market capitalisation is AU$ 34.4 millions as of today (€ 32.4 millions). Its stock quote reached its highest recent level on April 18, 2008 at AU$ 2.95, and its lowest recent point on March 20, 2015 at AU$ 0.06. MineMakers has 275 360 000 shares outstanding. |