Spur Ventures (TSX-V:SVU, OTC:BB-SPVEF) is a natural resource company headquartered in Vancouver, Canada.
On February 7th 2012, Spur shareholders approved the sale of its phosphate mining and fertilizer related interests in China through the sale of its wholly-owned subsidiary, Spur BVI to Hong Tang Vision Ltd. of the Cayman Islands for proceeds of CDN$9.25 million, with potential for an additional payment of $4.75 million should certain conditions be met.
Spur’s decision to exit China represents a key milestone in implementing the Company's previously announced strategy to focus on making strategic investments in mineral projects in lower risk jurisdictions and in businesses where Spur’s skills and knowledge could enhance the success of the venture.
The Company is focused on potential acquisitions in gold, base metals or other mineral related assets or businesses that are in advanced stages of development where the balance of technical and geopolitical risk will result in increased value to Spur’s shareholders within a short time frame.
With the $9.25 million proceeds from the sale of Spur BVI, the Company will have approximately $30 million (or approximately $0.50 per share) in cash or cash equivalents, all held in Canadian financial institutions, to invest in executing this strategy.