Black Mountain Resources Limited is pleased to update shareholders on the following restructure initiatives that have been agreed to by the Company and its major lender, Richmond Partners Masters Limited, subject to any necessary shareholder approvals, formal documentation and regulatory sign off: • BMZ to dispose of its interest in the Namekara Vermiculite Mine in exchange for the retirement of circa A$5.5m of debt (Transaction). The Company’s debt levels will be reduced to approximately $A600,000. • BMZ to retain, subject to minimum expenditure obligations, a 75% interest in its existing Busumbu Phosphate Project as well as all other non-vermiculite minerals currently held by its subsidiary company, Namekara Mining Company Limited (Existing Tenements).
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