Aspermont to lift Excalibur stake

PERTH-BASED resources industry publisher, Aspermont Ltd, has increased its stake in South Perth-based mineral explorer Excalibur Mining Corporation Ltd, receiving 40 million shares and 20 million options for its stake in a mining subsidiary. Aspermont sold its 85.7 per cent stake in Clement Resources Ltd to Excalibur for $800,000, paid through the share issue, which is subject to shareholder approval. Last year, the publisher upped its stake in Excalibur to 18.9 per cent as a part of the settlement of a breach-of-contract dispute. Excalibur currently has 1.2 billion shares on issue. Cortona’s $1.25m plan for Big Island WEST Leederville’s Cortona Resources Ltd has launched a share purchase plan to raise around $1.25 million as part of the acquisition price of Moly Mines Ltd subsidiary, Big Island Mining Pty Ltd. Big Island, which holds a group of gold assets in New South Wales, will cost the company $5 million in cash upon settlement and a further $4 million on a decision to mine or once a one million ounce resource is indicated. Cortona will also issue 12 million shares at 20 cents each and eight million options at 35 cents on settlement, with a further eight million at 50 cents to be issued on a decision to mine. Under the share purchase plan, the company will offer around 3.9 million shares at 32 cents each to raise the money, with stockholders able to purchase parcels of either $2,500 or $5,000 worth of shares free from commissions or brokerage costs. The offer is not underwritten, and will open on May 25 to close June 22. The remainder of the Big Island acquisition costs will be met through a placement, subject to shareholder approval. PearlStreet short PERTH-BASED asset management company, PearlStreet Ltd, has forecast a 15 to 20 per cent decrease in its earnings before interest, tax, depreciation and amortisation, caused by delays to project timetables and maintenance shutdowns. The company, which forecast an EBITDA for the 2006-07 financial year of $5.1 million, now expects to earn between $4 million and $4.3 million.

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