ThinkEnv: Following memo of agreement with Mornington, co has entered into an agreement to acquire a 70% stake in Mornington for US$35m which will give co control over gold concessions in Mali owned by Mornington….
LowXuYang :
Acq will be paid by initial US$5m in new shares at $0.689, VWAP on 27th Dec, remaining US$30m expected to be paid in cash based on certain production and independently certified reserves amts, co also has option of paying 70% of this cash amt in new shares…
Mornington has not generated profits yet and has been loss making in 2009 and 2010. ThinkEnv itself has had problems remaining profitable, recording a loss in its most recent Sep results.Co’s current mkt cap is approx $503.56m at 0.70 so dilution will not be overly significant in this deal.
No comments:
Post a Comment