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London Mining JV with WITM
Aug 22, 2008 03:15AM
I suppose that there might be someone that visits this BB. Now-a-days, I spent most of my reading on RB. But for the benefit of anyone not seeing RB here's a copy?paste of a message 26946 this AM by Bo-yu. Link: http://ragingbull.quote.com/mboard/b...
Finally - or maybe still for only letter of intent is signed so far - maybe SKing has put something together.
London Mining - POTENTIAL JOINT VENTURE WITH WITS BASIN PRECIOUS MINERALS, INC. 22.08.2008 London Mining is pleased to announce that it has signed a letter of intent with Wits Basin Precious Minerals, Inc. ("Wits Basin") which may result in London Mining becoming a 50/50 joint venture partner for Wits Basin's iron ore project in Ma Anshan in the People's Republic of China. The potential transaction remains subject to due diligence and finalisation of definitive legal documents.
Under the preliminary terms that have been agreed with Wits Basin, London Mining would acquire a 50% interest in the proposed joint venture vehicle for a total consideration of US$45 million. The joint venture vehicle currently holds rights to acquire three Chinese mining companies, Nanjing Sudan Minerals, Maanshan Zhaoyuan Mining and Xiaonanshan Mining.
London Mining has also agreed to provide up to US$1 million, in the form of a convertible loan note to be issued by Wits Basin, to cover due diligence and other transaction costs associated with the potential acquisitions.