Diatreme Resources Says Sibelco Exercises Option for AU$4.4 Million Stake in Cape Silica Holdings
MT Newswires Live
Jul 08
Diatreme Resources (ASX:DRX) said Sibelco Silica has exercised its option to acquire additional shares in joint venture company Cape Silica Holdings (CSH), with CSH issuing 376 shares to Sibelco for AU$4.4 million, bringing total funding received as part of the transaction to about AU$7.4 million, according to a Wednesday Australian bourse filing.
The company said the exercise brings respective holdings back to original pre-transaction percentages of 73.2% Diatreme and 26.8% Sibelco in the joint venture company.
The funding boost comes ahead of the completion of a feasibility study and will further assist the progress of Far North Queensland silica sand projects.
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