CVG 0.00% 0.0¢ convergent minerals limited

renegotiated proposal to acquire bounty gold

  1. 13,254 Posts.
    Renegotiated proposal to acquire the Bounty Gold Mine.
    The board of Convergent Minerals Limited advise they have renegotiated the acquisition of
    the Bounty Gold Mine.
    The acquisition price will now be 4,000,000 shares in total to LTKC Civils Pty Ltd. These
    shares will be issued as soon as possible from the board capacity to issue 15% of the capital
    to unrelated parties. Consequently shareholder approval is no longer required.
    The consideration payable to St Barbara Mines Ltd will remain the same ($50,000).
    As part of the renegotiation all other security issues have been cancelled so the
    extraordinary general meeting resolutions 1 to 12 will no longer be put to shareholders at
    the meeting tomorrow.
    The directors believe this is an excellent result for the company. Instead of a capital
    structure of potentially 88,350,300 shares the number of issued shares will now be
    40,850,000 and the company will have acquired the same asset.
    Yours faithfully
    Simon Cato
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