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HAVILAH RESOURCES LIMITED — Capital/Financing Update 2016
Mar 10, 2016
65038_rns_2016-03-10_977c3e2a-31ad-4546-958d-af663a8b722f.pdf
Capital/Financing Update
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Havilah Resources Limited plans to sequentially develop its portfolio of gold, copper, iron, cobalt, tin and other mineral resources in South Australia. Our vision is to become a new mining force, delivering value to our shareholders, partners and the community.
168 million Ordinary Shares -- 36 million Listed Options -- 9 million Unlisted Options
ASX and Media Release: 11 March 2016
ASX Code: HAV
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PORTIA GOLD FORWARD SALE
HIGHLIGHTS
300 ounces of gold sold at A$1,691 per ounce.
Havilah Resources Limited (“Havilah” or “Company”) is pleased to announce that it has received approximately $0.5 million for the sale of 300 ounces of gold from the Portia gold project, at a gold price of A$1,691 per ounce free of costs. The equivalent value in unrefined gold will be delivered by agreement with the purchaser (unrefined gold is defined as individual masses with a diameter of more than 1 cm). The obligation will be satisfied from run of mine gold production if no plus 1 cm masses are available. This prepayment for future gold delivery is secured by the contingent obligation to issue approximately 1.6 million Havilah shares (at a fixed price of 32.25 cents).
Commenting on the unrefined gold sale, Havilah’s Managing Director, Dr Chris Giles, said:
“Portia is a unique deposit and there is potential for some nuggets to be mined, although the size and quantity will only become clear once processing of ore commences.
“We are very pleased to have concluded this transaction with a long time shareholder who has demonstrated his faith in the project by entering into this gold sale in advance of first gold production.
“The price received of A$1,691 per ounce supplements the 10,000 ounces of gold already hedged at A$1,618.” he said.
For further information visit www.havilah-resources.com.au
Contact: Dr Chris Giles, Managing Director, on (08) 8338-9292 or email: [email protected]
HAVILAH RESOURCES LIMITED
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ABN 39 077 435 520 MAIL: 31 Flemington Street, Glenside, SA 5065 Australia EMAIL: [email protected]