Unity Mining Limited
(ASX:UML) has sold its Bendigo tenements to Kralcopic Pty Ltd, a wholly owned subsidiary company of GBM Gold Limited
(ASX:GBM).
GBM paid an initial installment of $1.1 million, while Unity Mining assigned approximately $5.9 million cash-backed bank deposits to GBM.
A further term of the sale is that GBM will repay the balance of $4.8 million to Unity Mining annually over the next 3 years.
The company says that GBM’s obligations to pay the deferred payments are secured by a first-ranking security interest over certain assets in favour of Unity Mining.
Unity Mining reported a net loss of $9.68 million at 31 December 2015.
