Business
Monument Mining Confirms Indicative Non-Binding Conditional Proposal to acquire Central Australian Phosphate Limited for A$0.031 cash per share
VANCOUVER, April 23, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monu...
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, April 23, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY\n and FSE: D7Q1) (\"Monument\") confirms that, as mentioned in Central\n Australian Phosphate Limited's (\"CEN\") Target's Statement released\n today, it has made an indicative non-binding conditional proposal to\n acquire all the share capital of CEN at an indicative offer price of\n A$0.031 cash per CEN share. This would correspond to an estimated\n equity value for 100% of CEN of A$18.3 million (C$19.2 million1) before transaction costs.  Monument's indicative proposal is subject\n to satisfactory completion of due diligence and agreement with CEN on a\n number of conditions, and may not lead to an offer.\n\n\nThe cash consideration would be funded from existing facilities and any\n acquisition would be subject to Monument's strict due diligence\n criteria.\n\n\nBased in Australia and listed on the Australian Securities Exchange, CEN\n is an exploration company whose largest asset is a phosphate project\n (the \"Arganara Project\"), which is located in the Northern Territory\n and comprises significant mid-grade phosphate deposits.  See www.nupowerresources.com.au for further information.\n\n\nCommenting on the indicative proposal, Monument President and CEO,\n Robert F. Baldock, said:  \"As part of the planned operation of\n Monument's Mengapur Polymetalic Project, one of the main by-products\n will be sulphuric acid.  In combination with an adequate supply of\n phosphate rock, it is intended that Monument will manufacture a range\n of high-grade fertilizer products.  Accordingly, sourcing a large and\n stable supply of phosphate rock is a core component of our longer-term\n strategic objectives for the Mengapur Polymetalic Project and Monument\n more broadly. The Arganara Project, with its highly promising phosphate\n deposits, and central geographic location, represents a highly\n attractive proposition for Monument.\"\n\n\nCEN announced on February 13, 2013 that it had received an unsolicited\n takeover offer from Rum Jungle Resources Limited (\"RUM\") at a headline\n offer price of A$0.0215 in cash and RUM shares per CEN share.\n\n\nMonument is being advised by ICS Advisory as financial adviser and Hardy\n Bowen and DuMoulin Black LLP as legal advisers.\n\n\nMonument will update its shareholders on material developm...