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Blumont Group Ltd Updates On Proposed Investment By Way Of Subscription Of 325,000,000 New Shares Of Prospect Resources Limited


Thursday, 11 Jul 2013 07:31am EDT 

Blumont Group Ltd announced that, on July 11, 2013, Blumont together with Alexander Molyneux and Pacific Advisers Pte Ltd have agreed to jointly make an investment in Prospect Resources Limited through a newly incorporating entity (the Newco). Blumont will own 60% of the total equity interest in Newco and further information on the incorporation of the New Subsidiary will be announced in due course. The Consortium agreed to procure Newco to enter into a conditional subscription agreement with the Issuer to subscribe for 325,000,000 new shares, constituting approximately 87.23% of the existing issued share capital of PSC (being 43.47% of the enlarged issued share capital of PSC after the issue of the PSC New Shares) at a subscription price of AUD0.012 (approximately SGD0.014052, at an exchange rate of AUD1.00 to SGD1.171) for each PSC New Share. Upon completion of the Subscription, the Newco will be a subsidiary of the Group and PSC will be an associated company of Newco, as a result, a 26.08% effective interest to be held by Blumont. The Subscription is intended to be applied towards the two gold projects and working capital requirements of PSC. Based on Blumont’s 60% equity interest in Newco, the Subscription Consideration of 195 million new shares will be fully satisfied in cash, funded from the internal resources of the Group, and be paid to the Issuer on the date of completion of the Subscription. The Subscription Consideration will be a loan/advance to Newco. 

Company Quote

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0.0020 +3.70%
10:10pm EDT