APEX Minerals is set to sell its second gold project in as many months, in line with its new company strategy.
The company announced that it had signed a memorandum of understanding with Ever Prosperity Investment in March for the $50 million sale of its Wiluna gold mine in WA.
In return, Ever Prosperity would immediately subscribe for 8,333,333 Apex shares at $0.06 per share for a total subscription of $500,000.
As part of the MOU, Apex provided Ever Prosperity with an exclusive 60-day due diligence period during which the shares would be held by a third party.
The transaction followed the February sale of Apex’s Youanmi gold project to Infinity Fame for $15 million; the first step under the company’s new strategy to enhance shareholder value.
The comprehensive strategic review of the company, which was announced in January, noted that in order to unlock the inherent value of the company, another party with improved capital access would be required.
Apex stated that the strategic review would seek to identify and assess expressions of interest from third parties for the company, with the process expected to run until March 2013.
In announcing the sale of Wiluna, Apex said its strategy had been completed.
“The signing of this MOU and the previously announced sale of the Youanmi gold project represent key outcomes of the company’s strategic review, and accordingly are now the key focus in bringing that review to a close,” the company stated.