Notes to the Financial Statements 110 32. Parent entity financial information  continued Bank guarantees have been given by Kingsgate’s controlled entities to participating banks in the syndicated loan facility and revolving loan facility as  described in Note 16 as part of the security package. These guarantees may give rise to liabilities in the parent entity if the controlled entities do not meet their obligations under the terms of the loans subject  to guarantees. No material losses are anticipated in respect of the above contingent liabilities. On 28 March 2013, the Group sold its exploration assets in Western Australia and Queensland through the sale of shares in its subsidiary company, Quadrio  Resources Limited, to Caravel Minerals Limited (“Caravel”), an Australian company listed on the ASX. Kingsgate received 135,000,000 fully paid ordinary shares in the issued capital of Caravel and 20,000,000 unlisted options to acquire Caravel shares exercisable at 10 cents on or before three years from the date of issue. Subsequent to the sale, Kingsgate became the largest shareholder in Caravel with  35.54% held at 30 June 2013. Kingsgate’s holding in Caravel reduced to 27.04% post 30 June 2013 following a rights issue by Caravel that Kingsgate did not participate in. The financial impact of the sale transaction as at the date of disposal is summarised below: Fair value of consideration 2013  $’000 135,000,000 Caravel shares at $0.025 per share 3,375 20,000,000 unlisted Caravel options – Total consideration  3,375 Carry value of the exploration assets sold 20,084 Loss on sale 16,709 33. Sale of exploration assets Contingent liabilities of the parent entity www.kingsgate.com.au