In 2008 LCM became part of the Canadian mining company, Great Western Minerals Group. Work has begun on implementing a "Mine to Market" model to develop a fully integrated supplier of rare earth alloys.
3. Investment in LCM and LCMG Ltd. On June 27, 2008, the Company, through a newly-incorporated, wholly-owned United Kingdom subsidiary, LCMG, acquired all of the issued and outstanding shares of common stock of LCM, a corporation domiciled in Birkenhead, United Kingdom (the “LCM Shares”). The purchase price of $9,660,433 was funded as follows: (i) $3,882,214 in cash of which £1,500,000 ($3,041,400) was funded with a loan secured against the assets of LCM. LCM then lent the money to LCMG who used it to pay the vendors a portion of the purchase price. See Notes 7 and 8 for further details on the loan. (ii) The Company issued a £2,800,000 ($5,677,280) convertible debenture (the Convertible Debenture), which included a $608,280 completion fee and 750,000 common share purchase warrants (the Warrants) valued at $100,939 to the Vendors. As part of the acquisition of the LCM Shares, the Company entered into a series of commitments as described in Note 14. The acquisition was accounted for using the purchase method and the following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition, as at June 27, 2008: Current assets $ 7,378,354 Property, plant and equipment 3,194,155 Intangible assets 1,700,678 Goodwill 3,160,154 Total assets acquired 15,433,341 Current liabilities 4,610,846 Future income tax liability 1,162,062 Net assets acquired $ 9,660,433
It IS a nice pic. Check the I-Box and you'll see it up there. I started updating things over the weekend, and pulled a few pics off of the GWM website to dress things up.
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