Myanmar Metals Limited (“MYL” or “the Company”) advises that the Bawdwin Option has been exercised and payment made to the Bawdwin Concession holder, and MYL’s partner, Win Myint Mo Industries Co. Ltd (WMM) by both MYL and its incoming partner East Asia Power Co. Ltd (EAP).
The Bawdwin JV Management Committee was formed and held its first meeting in Yangon last week. John Lamb, MYL’s Executive Chairman and CEO, was appointed Chair of the Management Committee.
Signing of the Bawdwin Operating Agreement that established the Bawdwin Joint Venture in Yangon last week. Seated left to right – U Kyaw Sein (EAP), Mr John Lamb (MYL), U Maung Kyay (WMM). Standing – representatives from MYL, EAP and WMM and their respective advisors.
The exercise of the Bawdwin option is the result of a lot of hard work and I thank the MYL team, our JV partners, consultants and advisors in helping us realise this most important goal.”
The Joint Venture will now work towards completion of a bankable feasibility study and approval by the Ministry of Natural Resources and Environmental Conservation (MONREC) and Myanmar Investment Commission (MIC) for the construction and operation of the mine.
Having completed the raising of $35 million through its Placement last week, the Company advises that its offer of securities pursuant to its prospectus dated 14 June 2018 is now closed. The Company will not be issuing any further shares pursuant to this offer.