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GMM $2.72

News: General Mining Corporation in bookbuild for placement

  1. General Mining Corporation (ASX:GMM) has been granted an ASX trading halt to allow for a bookbuild for a placement to sophisticated and professional investors to take place.

    The halt will last until the earlier of the announcement being made or the commencement of trade on Monday, 16th February 2015.

    Earlier this month, the company was granted the right to solely operate at the Mt Cattlin Project located two kilometres south of the town of Ravensthorpe in Western Australia for three years.

    It has the option to purchase 100% of the project from Galaxy Resources (ASX:GXY) for $30 million plus a 3% net smelter return, at any time during the 3 year period.

    GMM will pay Galaxy a lease fee of $2.5 million per annum and a 10% production royalty.

    It plans to start tantalum production at Mt Cattlin within approximately 6 months.

     

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