Blumont

Blumont: One day after forming a JV company with mining industry expert, Ines Scotland, Blumont entered into an agreement to acquire 73m placement shares in Discovery Metal Limited (DML) @ A$0.12/share and a total consideration of A$8.8m (S$10.3m). In addition, Blumont will subscribe for US$100m 5-year convertible bonds issued by DML with a 5% interest/year and could be converted at an exercise price of $A0.15/share. The total sum for the investment will be $136.1m. DML is a dual-listed company on Australian Stock Exchange and Botswana Stock Exchange, which is a copper E&P focused on the emerging Kalahari Copperbelt in north-west Botswana and a copper producer with its 100% owned Boseto Copper Project. DML has prospecting licences covering approximately 26,150 kilometres square in Botswana. Blumont intends to recapitalize DML with the acquisition. Blumont will resume trading at 3pm.