Great Basin Gold Ltd. (fka GBGLF)

[goldenpolarbear]

The Competition Commission on Wednesday gave JSE-listed Witwatersrand Consolidated Gold Resources (Wits Gold) the go-ahead to buy Great Basin Gold’s (GBG’s) suspended Burnstone gold operation.

Wits Gold would pay $7.25-million in cash towards GBG’s South African subsidiary Southgold Exploration’s debt, which was restructured and cut by 55% to $177.35-million.

The plan incorporated Wits Gold’s proposed offer to acquire the shares in and sale claims against Southgold.

Last month, Southgold’s creditors voted in favour of Wits Gold’s proposed business plan for the mothballed operation.

Wits Gold said it would now progress towards the finalisation of definitive transaction agreements and the deal remained conditional on Wits Gold securing all necessary shareholder and regulatory approvals, as well as the necessary financing arrangements.

http://www.miningweekly.com/article/sa-competition-body-approves-wits-golds-burnstone-deal-2013-08-28