Silver Lake to sell Lakewood for $5.5M

THE BOURSE WHISPERER: Silver Lake Resources (ASX: SLR) is to boost its coffers with the sale of the Lakewood Mill.

Proving there are less shareholder dilutive ways to raise cash than rattling a tin outside the ASX, the company has entered into a binding heads of agreement with a private consortium for the outright sale of the Lakewood Mill and associated infrastructure located five kilometres south east of Kalgoorlie in Western Australia.

The going price for the Lakewood assets is $5.5 million in cash and a two percent gross revenue royalty on all minerals mined or recovered from mining leases 26/242 and 26/367.

The deal is subject to the completion of a six week final due diligence and financing period.

Silver Lake said it anticipates the deal to be finalised in the December
2014 quarter.

$500,000 has already been paid to Silver Lake as a deposit for the Lakewood assets.