Polymetals Completes Endeavor Mine Acquisition
Key points
- Exchanged $27.956M Endeavor Mine Rehabilitation Bond
- 100% ownership of Cobar Infrastructure Pty Ltd (CIPL)
- Full ownership of Endeavor Mine achieved
Full summary
Polymetals Resources Ltd (ASX: POL) has finalized the acquisition of the Endeavor Mine by exchanging the $27.956 million Endeavor Mine Rehabilitation Bond. This bond, held by CBH Resources / Toho Zinc, was exchanged using the company's existing cash reserves, which will remain as restricted cash in an interest-bearing account. The exchange of the Bond is the final step in the acquisition process, resulting in the release of vendor-held senior security over the project and the transfer of 100% ownership of Cobar Infrastructure Pty Ltd (CIPL) to Polymetals. CIPL owns a significant real estate portfolio in Cobar, currently valued at $19 million, comprising 42 houses, four large unit blocks, and industrial land.
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