JAKARTA (Yosefardi) – Western Mining Network Ltd (WMN) has informed PT Persada Bumi Rawas (PBR) that it will proceed with the proposed acquisition of 80% shares of PBR.
PBR controls 100% interest in mining business license (IUP exploration) for gold covering an area of 5,000 hectares in Buol Regency, Central Sulawesi province.
WMN said it has renegotiated terms of the acquisition to reflect a reduction in ownership in PBR from 80% to 75%.
As a result, acquisition consideration will also decline from US$500,000 to US$475,000, payable in three stages.