Silver Mines, White Rock mulling transaction
PERTH (miningweekly.com) – Australian juniors Silver Mines and White Rock Minerals on Thursday flagged a possible corporate transaction, which could include either a merger or an acquisition.
The two companies told shareholders that they had signed a heads of agreement under which Silver Mines would provide White Rock with funding of up to A$500 000 as part of a broader commitment to consider a possible corporate transaction.
The funding would be issued through two placements totalling A$200 000 at an issue price of 2c a share. The first tranche would be completed within ten days, with the second tranche to be completed before September 1.
Silver Mines would also provide White Rock up to A$300 000 in the form of an unsecured and interest-free loan. The loan facility could be accessed no sooner than 45 days following the completion of the second tranche placement.
White Rock had the option to convert any loan amount drawn down into shares in the company, with the price of conversion being 80% of the five-day volume weighted average price of White Rock shares.
Meanwhile, the two juniors have started discussions and have undertaken the necessary due diligence towards a definitive agreement over the corporate transaction.
White Rock holds the Mount Carrington gold and silver project, in New South Wales, while Silver Mines holds the Webbs project, some 150 km south of Mount Carrington.
Silver Mines also exercised an option to acquire the Conrad silver project from fellow-listed Malachite Resources, which is located some 70 km west of the Webbs project.
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