Beacon Minerals Limited (ASX: BCN) (Beacon or the Company) is pleased to provide the Notice of General Meeting to shareholders.
The purpose of the general meeting is for shareholders to approve the execution of the Earn-In, Joint Venture and Tenement Transfer Agreement between the Company, Beacon Mining Pty Ltd (Beacon Mining) Geoda Pty Ltd (Geoda) and Lamerton Pty Ltd (Lamerton) in relation to the Lady Ida Project (Agreement).
Pursuant to the Agreement, Beacon Mining will earn up to 50% beneficial ownership as a tenant in common of an undivided share in the Lady Ida Project. Geoda and Lamerton will transfer 100% legal and beneficial ownership of the Project once certain milestones are achieved. Shareholder approval is required as Geoda and Lamerton are related parties of Beacon. Lamerton is controlled by Managing Director, Graham McGarry and Geoda is controlled by Non-Executive Director, Geoff Greenhill. Their involvement in the Lady Ida tenements predates their directorships with Beacon Minerals.
The independent director, Sarah Shipway, considers that the proposed transaction of the Lady Ida Project is beneficial to shareholders as: the proposed transaction is in line with Beacon's strategy of increasing the mine life of the Jaurdi Project; the proposed transaction will result in Beacon acquiring an interest in assets that are complementary to its existing portfolio; no capital raising or debt funding is required in relation to the proposed transaction; the Lady Ida Project includes three granted mining leases and three miscellaneous licences which will enable haulage to the Jaurdi Mill and existing low grade ore stockpiles on the tenements can be carted and processed once the Agreement is approved.
A summary of the Agreement is set out in Schedule 1 of the Notice of Meeting.
Shareholders are encouraged to read the Notice of Meeting and accompanying Independent Expert's
Report for full details of the proposed transaction and the Agreement.
The below graph illustrates the interest to be earned by Beacon Mining and the milestones.
Independent Director Sarah Shipway commented: 'The transaction fulfills the Company's strategy of increasing the mine life at the Jaurdi Project by acquiring projects in proximity to existing assets that build mine reserves and complement the current operations. 'The Company has reviewed numerous projects and the Lady Ida Project is an advanced project which has been high on the list of projects that have been sought by Beacon. 'The transaction will be beneficial and create value for all shareholders as the Company unlocks the real value of the Lady Ida Project.'
Contact:
Sarah Shipway
Non-Executive Director
Beacon Minerals Ltd
Tel: 0437 220 697
This ASX announcement (Announcement) has been prepared by Beacon Minerals Limited ('Beacon' or 'the Company'). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this Announcement. This Announcement contains summary information about Beacon, its subsidiaries and their activities which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Beacon. By its very nature exploration for minerals is a high-risk business and is not suitable for certain investors. Beacon's securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Beacon and of a general nature which may affect the future operating and financial performance of Beacon and the value of an investment in Beacon including but not limited to economic conditions,stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks, and reliance on key personnel.
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