[PHNOM PENH POST]
AUSTRALIAN conglomerate Transol Corp has said it would sell Liberty
Mining Group, which operates four sites in Cambodia, and its controlled
subsidiaries to “non-related Canadian private interests” in a cash and
stock deal.
Liberty Mining, also an Australian company, operates
a joint mining venture with Canada-based Prairie Pacific Mining at four
projects in Cambodia’s Ratanakkiri province.
Transol, which
operates digital music, computer and Web businesses, stated it will
receive US$600,000 for the sale of Liberty, plus 600,000 Class “A”
shares in an entity intending to list on the Toronto Stock Exchange.
The value of those shares is still under negotiation as part of the listing process on the TSX.
Transol
will also earn a 2.5-percent net smelter royalty for Liberty and
Prairie Pacific’s four Cambodian projects in around Ban Lung and O Yadav
districts, to a maximum aggregate payment of $800,000, according to a
statement released Friday.
Maxum Metals, another wholly-owned subsidiary of Transol, will be transferred to Liberty Group.
The
deal also means Transol will not push forward with its plans to give
Liberty seed capital funding or Liberty’s anticipated listing on the
Australian Stock Exchange, a move that was announced in December.
As
a result of the deal, Transol said it would also not proceed with the
planned purchase of two Cambodian projects owned by Summer Gold.
Summer
Gold has agreed to repay Transol the initial cost of the acquisition,
which was $350,000. “It is intended that the purchasing entity will
complete due diligence within four weeks being on or around 23 April
2011 and, subject to a positive outcome, shareholder approval will be
sought late May/ June with settlement occurring two days thereafter,”
the statement said.
Richard Stanger, managing director of Liberty Mining in Cambodia, could not be reached for comment yesterday.
John
Paul Dau, country director for Prairie Pacific Mining, would not
comment on the transaction when approached for comment yesterday.
Very fantastic and systematic Cambodian plan it is. Shared gonna be up next days.
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