From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Wed Jun 03 2009 - 11:47:23 EDT
http://www.subsahara.com.au/reports/announce/2009/2009.06.02_Schemebookl
et.pdf
Tuesday, 2 June 2009
ASX Announcement
Scheme Booklet and Loan Facility
Sub-Sahara Resources Limited (Sub-Sahara) (ASX: SBS) advises that the
Scheme Booklet in relation to the proposed merger with Chalice Gold
Mines Limited (Chalice) (ASX: CHN) has today been lodged with the
Australian Securities and Investments Commission for its review.
Loan Facility
A loan facility of $450,000 has also been made available to Sub-Sahara
by Chalice to be used by Sub-Sahara to fund further development of the
Zara
Project (Koka Deposit) pending implementation of the proposed merger.
The funds will be used to advance time-critical elements of the
pre-feasibility and feasibility studies as set out in the recent license
renewal notification.
The terms and conditions of the loan are:
. A$450,000 interest free until 1 September 2009, thereafter at the
ANZ rate for overdrafts over $100,000 plus 3%;
. Repayable if the Scheme of Arrangement is not completed by 30
September 2009, or such other date as CHN may agree, acting
reasonably;
. Repayment in cash or shares (at the election of Sub-Sahara) and if
Sub-Sahara elects cash, the repayment date may be extended by up
to 90 days;
. The shares would be issued at the price determined at the time of
announcing the merger being 1.3cents;
. The funds will be paid into a special purpose account operated jointly
by Sub-Sahara and CHN; and
. The loan would be secured by a charge over Sub-Sahara.
For and on behalf of
Sub-Sahara Resources NL
M.R. Griffiths
Managing Director
For further information please e-mail Michael Griffiths via email
enquiries@subsahara.com.au or by phone on 61-8-9227 3260
Competent Person
The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled by Mr
M R Griffiths, who is a Member of The Australasian Institute of Mining
and Metallurgy. Mr Griffiths is a full-time employee of Sub-Sahara
Resources NL. Mr Griffiths has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
Mr Griffiths consents to
the inclusion in the report of the matters based on his information in
the form and context in which it appears.
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