Maximus Resources to Acquire Ramelius’ Burbanks Processing Facility for $2.5 Million, Australia
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Maximus Resources Ltd will acquire the Burbanks Processing Facility located 8 kilometers south of Coolgardie in Western Australia from Ramelius Resources Ltd for $2.5 million.
The Burbanks Processing facility is situated 60 kilometers from Maximus’ Spargoville exploration portfolio and within trucking distance of numerous gold development projects.
Maximus has identified numerous parties potentially requiring gold treatment options and will be able to provide toll milling services following the refurbishment and recommissioning of the facility.
Consequently, the acquisition provides Maximus with a near-term revenue opportunity.
The facility previously treated ore from Ramelius’ Wattle Dam gold mine located within Maximus’ current Spargoville portfolio.
$1.6 MILLION INSTITUTIONAL PLACEMENT
Maximus has received firm commitments to raise $1.6 million via the placement ordinary shares at $0.003 each to institutional investors.
The funds raised through the placement will directly fund the first tranche of the acquisition price, and the costs of refurbishment/recommissioning.
The purchase consideration of $2.5 million includes staged payments over a 24 month period.
Adding interest, Maximus had recently undertaken a data review of historic work at the Spargoville gold tenements that highlighted lithium potential at the Lefroy prospect.
Source: (August 3, 2016) Proactive Investors
About Maximus Resources
Maximus Resources Ltd is focused on exploration in Western Australia and South Australia.
To stop by Maximus’ website, CLICK HERE
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