The exploration licenses are held by
The Savic areas comprise two granted exploration licenses covering approximately 920 square km and a pending application. Significantly, the Els predate the Koppamurra discovery by
Lions Bay has commissioned an independent geological report on the areas covered by the option agreement, which should be available shortly.
Under the terms of the option agreement with Savic, the Company will pay an option fee of AUD
At the end of the 4-month period, Savic will have the right to put 100 per cent of the areas to the Company in return for 50 million Lions Bay common shares. This right can only be put if the Lions Bay share price has averaged more than
As a consequence of this transaction and to broaden its investor base, the Company has resolved to apply for a listing on the ASX. This is expected to be relatively straight forward given the strength of the Company's balance sheet and the fact that the majority of its assets are liquid investments in ASX listed public companies.
About
Contact:
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com
Disclaimer & Forward-Looking Statements
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