2mio shares+$100.000 for $1.000.000 from MNE
MINING GROUP LIMITED
ACN 149 230 811
NOTICE OF GENERAL MEETING
TIME: 10.00am (WST)
DATE: 22 December 2011
Acquisition of Philippine Copper and Gold Asset
Pursuant to the Heads of Agreement, Cadan agrees to:
(a) procure Philco Holdings. Inc (PHI) (a wholly owned subsidiary of Cadan)
to sell to the Company shares and options to acquire shares in Philco
that will entitle the Company to 80% of the shares in Philco; and
(b) grant the Company an option to acquire an 80% interest in the Batoto
Gold/ Silver project, comprised of one exploration licence EP-109-XI and
one application for an mineral sharing agreement APSA-246-XI
(Acquisition).
In consideration for the Acquisition, the Company will:
(a) pay $1,000,000 to Cadan (First Payment). The First Payment has initially
been advanced to Cadan as a secured loan (Loan), pending
shareholder approval for the Acquisition;
(b) at Settlement, issue 2,600,000 fully paid ordinary shares in the Company
and make a second cash payment of $2,000,000 to Cadan;
(c) when (and if) the Company’s share price trades at or above $1 for 30
consecutive days, issue to Cadan 2,600,000 shares in the Company; and
(d) if, within 24 months of settlement of the Acquisition (which period may
be extended by up to a further 24 months), Cadan is successful in
resolving the Dispute (as set out in Section 1.5 below), the Company
must make a further $1,000,000 payment to Cadan (within 6 months of
the Dispute being settled).
https://www.mininggroup.net.au/images/announcements/2011-11-2…