Blackcrest to acquire Bligh Mining

By Romel S. Gurky

Australia-listed company Blackcrest Resources Limited said that it has entered into an agreement with Bligh Mining Pty Limited to acquire 100 percent of shares of Bligh Mining.

Bligh Mining is Australian-registered Company having exploration licenses covering large landholdings located on the Flores, Sabu in West Timor and Sulawesi.

Under the proposed acquisition, Bligh Mining will be granted the issue of one Blackcrest Share in exchange for each share in Bligh Mining with the name of Blackcrest would be changed to Bligh Mining Limited.

Bligh Mining will be granted the issue of one Blackcrest Option in exchange for each Bligh Mining option with the board of Blackcrest will be constituted by a majority of directors nominated by Bligh Mining.

The company said that Bligh Mining would undertake capital raising of not less than $5,000,000 with Blackcrest Resources to undertake capital raising of up to $258,000.

?Blackcrest will convene an extraordinary general meeting of shareholders to consider the relevant shareholder resolutions,? the company said in the statement to the Australia Stock Exchange.

Editing by Adianto P. Simamora