Vaaldiam Advances Kenyan Asset Sale

Vaaldiam Mining Inc. (TSX:VAA) and Base Iron Ltd. (‘BIL’) (ASX:BSE) announced that BIL has received firm commitments for its A$4.6 million share issue to finance its acquisition of Vaaldiam’s Kwale Project.

The press release is quoted as saying:

A number of the investors have also undertaken to subscribe to BIL’s A$3.42 million rights issue, which is fully underwritten. The financing and the acquisition are subject only to BIL shareholder approval at the general meeting to be held on June 30, 2010. BIL expects the acquisition of the Kwale Project to close in mid-July.

Click here to access the entire press release

Click here to access Vaaldiam Mining Inc. Corporate Site