News blog

Latitude Resources

  • BY: Andrew Hore |
  • POSTED: 13/08/2007 |

Latitude Resources is selling its Chilean mining operations to Tamaya Resources for £9.4m in shares and options. 

Latitude will receive 85m shares in ASX-listed Tamaya plus three tranches of options. It will have 5m options to subscribe for shares at 30 cents, 5m at 40 cents and 5m at 50 cents. An egm will be held on 29 August to pass the deal.

Latitude has no other operations and its assets will comprise the Tamaya stake, 2.5m shares in Western Goldfields (valued at £3.2m), 9.8m shares in Tanami (valued at £500,000) and £2.9m in cash. That comes to a total of £16m, compared with Latitude’s market value of £12.8m at a share price of 4.5p. However, Latitude might not get those valuations if the stakes were sold.

Longer-term, management wants to find other projects in which it can invest and help provide financial and mining expertise.

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds