Metaliko one step closer to Bronzewing

Kristie Batten – Tuesday, 17 June 2014

METALIKO Resources should be able to complete the $A4 million purchase of the Bronzewing gold operation in Western Australia after director Dr Michael Ruane and ActivEX agreed to underwrite a $5.55 million rights issue.

Subject to obtaining shareholder approval on Thursday, the company will complete the acquisition – which comprises $3 million in cash and 33.3 million shares – as soon as possible.

The cash component will be paid using an unsecured and interest free loan from Ruane.

The company will then issue a prospectus for a 2:1 rights issue at 3c to raise $5.55 million to repay the loan and for working capital.

Ruane’s company Tyson Resources will underwrite the offer to the minimum subscription level of $4.37 million.

Brisbane-based ActivEX has agreed to sub-underwrite up to 83.75 million shares for $2.5 million if available.

ActivEX said it was finalising a funding facility to assist in completing the sub-underwriting.

An earlier $4.82 million deal to acquire Bronzewing collapsed when Metaliko was unable to secure funding.

Metaliko is planning to drill the project immediately to expand the nearly 1 million ounces in gold resources.

Bronzewing was operated until April last year, when previous owner Navigator Resources collapsed.

Included in the deal are the project tenements and gold resources, along with a 2 million tonne per annum mill and carbon-in-pulp facility, and associated infrastructure.

As part of the deal, Metaliko will arrange release of $7.08 million in bank deposits lodged by Navigator to cover environmental bonds.

Metaliko said future environmental obligations would be covered by paying an annual rehabilitation levy as required under WA’s recently legislated Mining Rehabilitation Fund.

Shares in Metaliko gained 12.5% to 1.8c yesterday, while ActivEX shares have been untraded at 2c for more than a month.

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