Sentula Mining has entered a merger agreement with Close-Up Mining Proprietary.
Under the agreement, Sentula will dispose its 50.5% share in Sentula Coal to Close-Up Mining Proprietary for ZAR50.50 ($4.15) in cash.
Close-Up Mining Proprietary will allot and issue 2,667 ordinary shares of no par value to Sentula, representing 40% of the its shares in issue.
Shareholders of Close-Up will also transfer ZAR10m ($0.82m) of their existing claims in favour of Sentula.
Upon completion of the transaction, Sentula Mining will hold 40% of the shares in Close-Up. While Close-Up will hold 50.5% of the shares in Sentula Coal, in addition to its existing opencast mining operations.
Sentula Coal will own certain plant and equipment previously owned by Benicon Opencast Mining Proprietary, an 83% subsidiary of Sentula Mining.
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Lithium Australia has completed the acquisition of Lithophile. It will provide Lithium Australia the ownership rights to three lithium prospects within the Gascoyne Complex located 750km north of Perth, Australia.
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