Pacific Bauxite : to Acquire PGE Projects and Recapitalise
PBX.AX
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ASX ANNOUNCEMENT
31 December 2021
PACIFIC BAUXITE TO ACQUIRE PGE PROJECTS AND RECAPITALISE
Pacific Bauxite Ltd (Pacific Bauxite or Company) (ASX:PBX) is pleased to announce that it has entered into agreements to acquire 100% of the issued capital of Western Yilgarn PGM Pty Ltd (Western Yilgarn) and AAM Resources Pty Ltd (AAM Resources), who own various projects located in the Eastern Goldfields and Pilbara regions of Western Australia prospective for platinum group metals, gold, nickel and other minerals (Proposed Acquisitions).
The tenement package to be acquired as a result of the Proposed Acquisitions comprises three exploration licences (E36/1010, E36/1011 and E70/5767) granted to Western Yilgarn, three exploration licences (E52/3861, E58/0562 and E59/2496) granted to AAM Resources and two exploration licence applications (E36/1025 and E70/5921) applied for by Western Yilgarn in its own name (collectively, the PGE Projects).
The material terms of the Proposed Acquisitions are summarised in Annexure A.
The Proposed Acquisitions are conditional on various conditions precedent including the Company obtaining all necessary regulatory and shareholder approvals to effect the Proposed Acquisitions and satisfying all other requirements of the ASX for the reinstatement to official quotation of the Company's shares on ASX.
On completion, the Proposed Acquisitions, together with the transactions contemplated in connection with the recapitalisation of the Company pursuant to the Deed of Company Arrangement (DOCA) presented by Oceanic Capital Pty Ltd (Oceanic Capital) signed on 6 September 2021, as previously announced by the Company, will amount to a significant change to the scale of the Company's activities. As such, the Company will be required to obtain approval from shareholders and re-comply with Chapters 1 and 2 of the ASX Listing Rules.
To facilitate its application for re-admission to the official list of the ASX and to provide funding for the Company's proposed activities, the Company proposes to undertake a capital raising to raise up to $4,500,000 (before costs) through the issue of shares at $0.20 per share and free attaching options on a 1:2 basis (each exercisable at $0.30 and expiring three years from issue) under a full form prospectus (Re-ListingProspectus) (Capital Raising).
The Company's securities have been suspended form quotation on the official list of ASX since 24 December 2019 (following the Company being placed into voluntary administration) and will remain suspended from quotation until the Company has re- complied with Chapters 1 and 2 of the ASX Listing Rules, including by satisfying the conditions to reinstatement imposed by ASX. If the Proposed Acquisitions do not proceed, the Company may not complete the re-compliance.
Pursuant to ASX Guidance Note 33, ASX's policy is to remove from the official list an entity whose securities have been suspended from quotation for a continuous period of 2 years. Pursuant to ASX guidance, ASX may agree to a short extension of this 2 year deadline for delisting if the entity can demonstrate to ASX's satisfaction
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006
ACN: 112 914 459
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that it is in the final stages of implementing a transaction that will lead to the resumption of trading in its securities.
As at 24 December 2021, the Company's shares had been suspended from trading for a continuous period of 2 years. ASX has advised the Company that its delisting date has been extended, subject to various conditions. The Company will provide an update to shareholders in due course. Extensions to the Company's delisting date are at the ultimate discretion of ASX. Shareholders should be aware that there is no guarantee that the Company will be able to meet any conditions imposed by ASX to avoid automatic removal of the Company from the official list of ASX. If that occurs, the Administrators will be required to convene a meeting of the Company's creditors (in accordance with the DOCA) for the purposes of varying or terminating the DOCA. In those circumstances, the administrators are currently uncertain about the return likely to the Company's creditors.
PGE Projects
Overview of PGE Projects
The PGE Projects (comprising the Mount Magnet (Challa & Boondanoo), Sylvania, Bulga and Melbourne Projects) are primarily located in the Eastern Goldfields and Pilbara regions of Western Australia and are prospective for platinum group metals, gold, nickel and other minerals. An overview of the location of the PGE Projects is shown below.
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
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Further information on the tenements which comprise the PGE Projects is set out in the table below:
Prospect
Tenement
Holder
Status
Expiry
Area
(blocks)
Sylvania
E52/3861
AAM
Granted
01/07/26
43
Challa
E58/562
AAM
Granted
13/01/26
1
Boodanoo
E59/2496
AAM
Granted
06/01/26
13
Bulga
E36/1010
Western Yilgarn
Granted
12/09/26
21
Bulga
E36/1011
Western Yilgarn
Granted
12/09/26
16
Bulga
ELA36/1025
Western Yilgarn
Pending
-
14
Melbourne
E70/5767
Western Yilgarn
Granted
11/07/26
35
Melbourne
ELA70/5921
Western Yilgarn
Pending
-
35
Mount Magnet Project (E59/2496 and E58/562)
The Mount Magnet Project comprises two separate exploration licences E59/2496 (Boodanoo) and E58/562 (Challa) which are centred on the Narndee and Windimurra layered mafic complexes in the Youanmi Terrane of the Archean Yilgarn Craton. The Narndee and Windimurra igneous complexes are large, multiphase layered mafic intrusions located at the interpreted crustal boundary separating the Murchison and Southern Cross granite-greenstone provinces of the Yilgarn Craton.
The Boodanoo exploration licence covers an area of approximately 42km2 located approximately 410km northeast of Perth. The tenure lies in close proximity to Aldoro Resources Limited Narndee Project and Golden Mile Resources Limited's Yarrambee Project which are targeting magmatic nickel-copper-cobalt and nickel-copper-zinc mineralisation respectively.
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
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The Challa exploration licence covers approximately 302ha and is located approximately 475km northeast of Perth. The tenure is located approximately 15km west of Atlantic Limited's Windimurra Vanadium Project and adjacent to Flinders Mines Limited's Canegrass Vanadium Project and Honey Pot Anomalous gold zone.
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
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Whilst initial prospecting and mining activities focused on gold began during the late 1800s and early 1900s, many companies have previously explored the Narndee and Windimurra Igneous Complexes for gold, a variety of base metals, PGEs and vanadium. Previous explorers have established the presence of anomalous concentrations of nickel, PGA and gold in the Narndee and Windimurra Complexes, whilst secondary uranium mineralisation has also been intersected in calcrete deposits occupying region drainage systems. Recently, in October 2020, Aldoro announced the commencement of a major exploration effort at its Narndee Igneous Complex Project including airborne EM and ground based fixed loop time- domain EM surveys identifying several major targets and deeper targets for near term drill assessment. Subsequent field reconnaissance outlined two nickel-copper gossans which were geologically mapped and sampled.
The Company intends to focus its exploration on the discovery and further assessment of nickel-copper-PGE,titanium-vanadium and gold deposits in the two complexes. Following the acquisition of the tenements, the Company will seek to target magnetic geophysical anomalies located at the intersection of the Narndee Complex and the north-western edge of a regionally significant structure located on the Boodanoo exploration licence. Exploration over the Challa exploration licence will examine extensions to a laterally extensive iron-vanadium-titanium bearing horizon forming part of the broader Windimurra Igneous Complex and will further evaluate the potential for gold and PGE mineralisation associated with the contact between the upper and middle units of the Windimurra Igneous Complex.
Registered Address: 2A / 300 Fitzgerald Street, North Perth, WA, 6006 ACN: 112 914 459
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Pacific Bauxite Limited published this content on 31 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 December 2021 05:36:01 UTC.