News blog

CEB Resources

• BY: Andrew Hore |
• POSTED: 15/07/2014 |

CEB Resources is selling its stake in the Mariola thermal coal project in Poland to its partner in its other project in Australia. 

CEB paid £200,000 and issued 20m shares in return for a 10% stake in the company that owns the Mariola project. ASX-listed Balamara Resources Ltd approached CEB in order to acquire this investment. Balamara is paying A$100,000 (£55,000) in cash and issuing 15m shares to CEB valued at A$1.17m (£643,000). The 20m shares originally issued by CEB will be returned and cancelled. This means that there is a potential gain of £498,000 depending on the Balamara share price.

Balamara is CEB’s farm-in partner at the Peelwood base metal project on New South Wales.CEB can earn up to 49% by investing A$1.2m on exploration.

At 0.29p a share, CEB is valued at £675,000.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2014_58.pdf