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LEGEND MINING LIMITED Capital/Financing Update 2003
65223_rns_2003-11-06_83083e29-8926-44d8-bee0-f1b383402fbe.pdf
Capital/Financing Update
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ACN: 087 480 902
Level 2, 24 Outram Street, West Perth, Western Australia 6005
November 7, 2003
The Listing Manager Australian Stock Exchange - Perth 2 The Esplanade Perth WA 6000
Public Announcement
Sale of Gidgee Gold Mine
The Directors of Abelle Ltd ("Abelle) advise that they have reached agreement with Legend Mining Ltd ("Legend") to sell the Gidgee Gold Mine as a going concern for an aggregate sum of A\$6.5 million (subject to final adjustments).
The terms of the sale are:
Non-refundable deposit Cash at Settlement Stocks and Stores Equity in Legend 16,667,000 at 6cps Final payment (on or before 30 June 2004) Replacement of Performance Bonds
A\$ 200,000 A\$ 1,300,000 A\$ 500,000 estimate A\$ 1,000,000
A\$ 1,500,000 A\$ 2,000,000
Total A\$6,500,000
Completion of the transaction is conditional upon shareholder approval of Legend and ministerial approval for the transfer of the titles.
Abelle will emerge as a major shareholder in Legend following completion of this transaction.
Sale of 50% interest in Credo JV
Abelle advises that it has reached agreement with its 50% joint venture partner at Credo. Yilgarn Mining Ltd to sell its interest in the JV.
| The details of the agreement are as follows: | |
|---|---|
| Cash at Settlement | A\$ 250,000 |
| Deferred Settlement on listing in shares** | A\$1,750,000 |
Total A\$2,000,000
** The purchaser may satisfy the deferred settlement consideration by the issue of 7,000,000 shares in the event the purchaser is listed on the ASX.
ACN: 087 480 902
Level 2, 24 Outram Street, West Perth, Western Australia 6005
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Both of the above transactions reflect the direct intent of Abelle's directors to focus its efforts on its core business activities in Papua New Guinea. Abelle retains an interest in the non-core assets it has sold through substantial shareholdings in the entities who have acquired the assets.
Enquiries:
Peter G Cook Managing Director Abelle Ltd. Ph 61-8-9424 3500 Fax 61-8-9424 3565 e-mail [email protected]