Business
Lions Bay Capital Announces Lions Bay Resources' Revised Offer for Vantage Goldfield Assets in South Africa
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2026) - Lions Bay Capital Inc. (TSXV: L...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Capital Announces Lions Bay Resources' Revised Offer for Vantage Goldfield Assets in South AfricaVancouver, British Columbia--(Newsfile Corp. - April 15, 2026) - Lions Bay Capital Inc. (TSXV: LBI) (\"LBI\" or the \"Company\") announces that further to the Company's news release on March 23, 2026 and March 25, 2026, the creditors meeting scheduled for April 9, 2026 was adjourned as a majority of the creditors required some clarifications and amendments to be made to the business rescue plans and voted to accordingly postpone the three meetings by seven days. In response to this, Lions Bay Resources PTY Ltd (\"LBR\" ) has submitted two revised offers to the BRP as below:1) Offer for Barbrook Mines (Pty) Limited (\"Barbrook\") (2.1Moz of gold resource*) for ZAR 279 million (approximately US$17.0 million)2) Offer for Makhonjwaan Imperial Mining Company (Pty) Limited (\"MIMCO\") (Lily Mine and associated deposits totalling 2.3Moz of gold resource*) for a nominal sum of ZAR 1.00 HighlightsAs part of the Barbrook offer, upon approval by creditors, LBR has agreed to pay the full salary claims of the former employees of MIMCO as well as Barbrook.The revised offers follow the adjournment of the creditor meeting to approve LBR's plan to acquire the Vantage assets by the BRP – LBR's revision of the offers to focus on Barbrook is a function of feedback from the creditors meeting and circumstances around the Lily Mine complex LBR's proposed acquisition of the above assets of Vantage out of business rescue has been endorsed by the BRP and the major creditor, and circulated to all creditorsLBR has previously deposited US$10 million in an escrow account with the BRP's legal practitioner. Upon approval of the plan funds will be deployed as follows:Staff will be paid 100% of their entitlements, less any amounts previously settled by the major creditorCreditors will be paid 10% of their approved claimsThe 90% balance will be paid to creditors once the Section 11 application has been granted (transfer of mining rights)LBR is considering confidential offers for project level financing for the balance of funding required to complete the Barbrook and MIMCO acquisitions alongside initial mine startup capitalThe revised offers remain subject to the agreement of creditors at the creditors meeting expected to be held tomorrow as well ...