Now ThisAfter this announcement, makes you wonder if there's anything left in the tank or if it's gutted once and for all:
Bell Copper agreement to sell La Balsa, SXEW plant
Ticker Symbol: C:BCU
Bell Copper agreement to sell La Balsa, SXEW plant
Bell Copper Corp (2) (C:BCU)
Shares Issued 179,187,483
Last Close 7/22/2013 $0.01
Tuesday July 23 2013 - Property Agreement
The TSX Venture Exchange has accepted for filing a share and asset sale and purchase agreement among Bell Copper Corp., its wholly owned subsidiary Rogue River Resources Corp., its wholly owned subsidiary Minera Montoro S.A. de C.V., Binhai Harbour Group HK Co. Ltd. and Jie Lu (Binhai and and Mr. Lu are the purchasers). Under the agreement the purchasers will purchase 100 per cent of the issued and outstanding shares of Montoro which holds the La Balsa project. As well, Binhai will purchase from Rogue the SXEW plant owned by Rogue and which is being stored in Arizona.
The proceeds from the sale of Montoro and the SXEW plant, in the amount of $8-million (U.S.), will be assigned to Macquarie Bank Ltd. which holds security over Rogue, Montoro the La Balsa project and the SXEW plant for an amount exceeding the sale price ($9,157,332 as reported in the company's interim financial statements of March 31, 2013). Accordingly neither the company nor Rogue will retain any net proceeds from the sale. In addition to discharging its security and releasing Rogue from all of its debt, Macquarie will, as part of the transaction, terminate the 2-per-cent net smelter return royalty on the La Balsa project held by Macquarie and return to the company for cancellation 19,036,820 common shares of the company held by Macquarie.
The sale transaction results in the elimination of all debt owed to Macquarie by Rogue with a consequential reduction of debt on the company's consolidated financial statements ($9,157,332 as reported in the company's interim financial statements of March 31, 2013).
For further information please see the company's news release dated July 9, 2013, which is available under its profile on SEDAR.
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