Unity Mining Limited (ASX: UML) – $0.032
18 May 2016
Unity Mining Limited (ASX: UML) has completed the sale of its Bendigo tenements (Figure 1) and related assets to Kralcopic Pty Ltd, a wholly owned subsidiary of GBM Gold Limited (ASX: GBM).
Figure 1. Location of the Bendigo tenements
The initial instalment amount of $1,100,000 has been paid by GBM and the company has assigned an amount of approximately $5,900,000 in cash backed bank deposits and related environmental bonds to Kralcopic Pty Ltd.
The balance of approximately $4,800,000 will be repaid by GBM on an annual basis over the next three years.
The parties have agreed that should GBM sell or realise value from certain assets, the company is entitled to a share of the payments received.
GBM’s obligation to pay the deferred payments are secured by a first-ranking security interest granted by GBM in favour of the company over certain assets acquired under the Asset Sale Agreement.
For further information, visit www.unitymining.com.au
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