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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.

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