IN BRIEF: Metals One notes Lions Bay makes bid for Vantage Goldfields
Metals One PLC - London-based metals exploration and development - Lions Bay Capital Inc, a mining finance and investment firm, says its 47%-owned South Africa subsidiary Lions Bay Resources Pty Ltd makes an offer for all the assets of Vantage Goldfields. Vantage is in business rescue following a mine collapse in 2016. It has assets in the Barberton region of South Africa with a historic resource of 4.5 million ounces of gold. Lions Bay offers CAD46.5 million, about GBP25.2 million, for the Vantage assets, comprised of an initial cash payment of CAD12.7 million, a second payment of CAD18.8 million in shares, and a final payment of CAD15.0 million paid a royalty on gold revenue. The share portion will be based on a price of CAD0.50 per share. The Toronto-listing closed at CAD0.33 on Wednesday last week. Read More