EARLY FEBRUARY saw further progress on one of the largest consolidations in the Australian mineral sands sector announced late last year. BeMax Resources NL, Nissho Iwai Corp., and Sons of Gwalia Ltd signed a Merger Implementation Agreement on 3 February 2004, subject to completion of due diligence (see IM December '03, p.8). On 16 February, BeMaX announced it had accepted a financing facility from international investment bank ABN AMRO to fund the cash component of its three-way asset merger with Nissho Iwai and Sons of Gwalia. The facility will be utilised to meet the 15m Australia dollars. cash payment to Nissho Iwai on completion of the Merger Implementation Agreement. It will also provide additional working capital for the merged group to aggressively pursue development of its flagship Pooncarie Mineral Sands Project in the Murray Basin.
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