Essential Assets for March 5

March 5, 2015 12:37 PM

Western Australia’s leading apartment developer Finbar Group Limited is pleased to announce that its subsidiary has today entered into an unconditional contract for the sale of the Gateway Building located at 59 Albany Highway, Victoria Park for the price of $72.8 million.

Spookfish Limited (formerly White Star Resources Limited) is pleased to announce that completion of the transaction to acquire the remaining share capital of Spookfish Pty Ltd and 100% of the capital of Geospatial Investments. The formal sale agreements dated 17 July 2014 (as varied) between the Company, Spookfish and Geospatial Investments have completed as well as the subsequent $5 million capital raising issued under a Prospectus as part of the Company’s recompliance with ASX Listing Rules 1 and 2.

Valmec Limited is pleased to announce that it has recruited highly-experienced Oil and Gas executive Kelvin Andrijich to head up the Company’s marketing and projects development team in Australia. As part of the Senior Executive team, Mr Andrijich will have responsibility for developing the Company’s pipeline of projects, client relationships, strategic marketing and development and further establishing the Valmec brand throughout the oil and gas and energy sectors.

Latin Resources Limited is pleased to announce that it’s 100% owned subsidiary Peruvian Latin Resources SAC (PLR) has signed a Binding Terms Sheet (BTS) to document the terms of a rights assignment and earn-in option to transfer 70% ownership of its Ilo Este Project to Peruvian firm, Compañia Minera Zahena SAC, for a total consideration of US$1.0 million cash and minimum exploration work commitments of 11,000 m of diamond drilling valued at approximately US$3.0 million.

PLD Corporation Limited is pleased to announce that high metallurgical recoveries, low deleterious elements and no fatal flaws have been identified from a metallurgical testwork review completed as apart of the due diligence on the Admiral Bay Zinc Project, located in the Canning Basin, WA.

Comstock Mining Inc. announced that it has promoted Judd Merrill to the position of Chief Financial Officer.  Judd joined the Company in 2011, as Controller, and became Chief Accounting Officer in 2014. Mr. Merrill brings strong financial planning, treasury and cash management experience in the mining sector in addition to his broader financial accounting, reporting and internal control experience, having worked as Controller of Fronteer Gold Inc. and as an Assistant Controller at Newmont Mining Corp., both in Nevada. He also worked for Meridian Gold Company and Deloitte & Touche LLP.

Gulf Keystone remains in a dialogue with the Kurdistan Regional Government’s Ministry of Natural Resources, in order to receive the outstanding payments due to the Company and establish a stable payment cycle for export crude oil sales in the future. In the interim, in order to maintain revenues and cash flow, Gulf Keystone will be recommencing crude oil supply for local Kurdistan use. This provides the prospect of receiving revenues in the near term. Export crude oil deliveries by truck have therefore been temporarily suspended.  This is expected to be a short term measure until a regular payment cycle can be established for sales via the export route. The Company is actively working towards an early pipeline access solution for Shaikan crude, which will provide significantly improved margins than trucking to the export market.

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About the Author

Lauren is the editorial assistant for Futures Magazine. She graduated from DePaul University in 2013 with a degree in English.