Bluebird Merchant Ventures Limited Joint Venture Update (8898G)
30 November 2020 - 6:00PM
UK Regulatory
TIDMBMV
RNS Number : 8898G
Bluebird Merchant Ventures Limited
30 November 2020
Bluebird Merchant Ventures Ltd
(the " Company" or " Bluebird")
Joint Venture Update
Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold
development group is pleased to announce that on 27 November 2020,
the appointed Independent Expert determined that the value of
Southern Gold's 50% interest in the South Korean projects was USD
11.05 million and 90% of that value is USD 9.945m (c. GBP7.5m)
which is the settlement figure. Under the terms of the Joint
Venture Agreement, Bluebird will now settle by 26 January 2021.
Bluebird will now enter into dialogue with Southern Gold with a
view to complete a Sale and Purchase Agreement that may include an
equity and royalty component. The Company hopes to conclude this
process swiftly in order that the projects may progress.
The Company believes that with the valuation of the projects now
underpinned by the determination that there is considerable upside
for shareholders as the projects progress to production. With a
valuation now established at the pre-construction stage the Company
expects the valuation to increase considerably when gold production
commences.
Colin Patterson, CEO, commented:
"It is an exciting time for Bluebird and the gold mining
industry in South Korea. The valuation can only increase going
forward as we progress along the path to production. It is also an
exciting time for current and new shareholders and this will only
have a positive effect on the market and increase the level of
interest in gold exploration and production in South Korea."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
Enquiries:
Bluebird Merchant Ventures Ltd jmk@bluebirdmv.com
Jonathan Morley-Kirk, Non-Executive
Chairman
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END
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