WMN completes acquisition of Genesis
Friday, March 1 2013 - 06:13 AM WIB
ASX-listed Western Mining Network Limited (WMN) recently announced it has exercised its option to purchase 51% of the total number of issued shares held in PT Genesis Berkat Utama (Genesis) as part of its Strategic Alliance with Borneo Brothers Limited.
Genesis holds a 2,276 hectare manganese tenement in Toli Toli, Central Sulawesi with an IUP Production license. Two potential jetty sites are available within 25 kilometres of the tenement using existing roads.
"During the last year since the option was acquired, Genesis has obtained a ?clean and clear? certificate for its IUP production license and also completed all relevant environmental studies. A number of manganese boulders have been found on the tenement with results from five rock chip samples ranging from 41.4% to 55.3% Minute," the company said in a statement to the exchange.
The consideration paid to the existing shareholders of Genesis to exercise the option was 53,550,000 Rupiah (A$5,373).
The company is now in the process of incorporating a wholly-owned Indonesia entity with foreign investment status (PMA) which will directly hold the 51% of the shares in Genesis.
Editing by Er Audy Zandri