Previous test work has shown the project to contain significant concentrations of potassium and phosphorous, the major chemical elementals for the production of potash and phosphate fertilizers. Greensands
The Company is pleased to acquire the Florina Greensands project, and will endeavour to accelerate Lions Bay's entry into the rapidly growing organic, low chloride regional and global fertilizer market in collaboration with Fidelity.
Under the terms of the agreement with GAL, and the vendors (
1. Issue 2 million Fidelity shares at a deemed price of
2. Agree to fund it's fifty per cent share of Stage 1 costs estimated to be AUD
3. Agree to fund its share of Stage 2 costs estimated to be AUD
4. Upon completion of the scoping study, issue an additional 2 million Fidelity share from its portfolio holding;
5. Should the scoping study show a pre-tax IRR of over 19 per cent then the vendors will be entitled to a bonus payment of AUD
The acquisition remains subject to the satisfaction of customary conditions before closing, including exchange approval for the issuance of common shares.
About
Contact:
Executive Chairman
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com
WEB: www.lionsbaycapital.com
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Disclaimer & Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as 'may', 'should', 'intend', 'expect', 'plan', 'anticipate', 'believe', 'estimate', 'project', 'predict', 'potential', or 'continue' or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information ('FOFI') within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.
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