Leyshon Resources Limited Anticipated Suspension from ASX Quotation (0645M)
11 Julho 2014 - 3:02AM
UK Regulatory
TIDMLRL
RNS Number : 0645M
Leyshon Resources Limited
11 July 2014
LEYSHON RESOURCES LIMITED
11 July 2014
Anticipated Suspension from ASX Quotation
As previously disclosed, following the successful demerger of
Leyshon Energy Limited in January 2014, Leyshon Resources Limited
(AIM/ASX: LRL) ("Leyshon Resources" or the "Company") has been
actively pursuing and studying potential investment opportunities
in the resources sector which are in line with the Company's stated
investing policy. The Company's strategic objective is to identify
projects for merger or acquisition that have a clear pathway to
production or monetization and can generate high returns to
shareholders.
Australian Securities Exchange ("ASX") policy is to allow
companies that have disposed of their main undertakings a six-month
period within which to satisfy ASX that the company has a
sufficient level of operations to justify continued quotation of
the company's securities on the ASX. With funds available for
investment and the volume of opportunities being presented to
Leyshon Resources for consideration, the Board had expected to be
in a position to implement a programme to create value from its
existing Mt Leyshon assets or a suitable project acquisition in
time to satisfy the ASX's continued operations policy.
Since the demerger and subsequent appointment of a new Managing
Director in February 2014, the Company has been actively reviewing
a number of project opportunities, including appropriate due
diligence enquiries, and entered into negotiations with several
parties. Whilst the Company is currently evaluating a number of
opportunities, there can be no certainty that a transaction will be
concluded.
The Company has also been actively pursuing opportunities to
utilise its existing Mt Leyshon assets in northern Queensland. The
Mt Leyshon Project comprises five Mining Licences with a total area
of 2,546 hectares, 24 kilometres south of Charters Towers. The Mt
Leyshon Gold Project was a large-scale, open-cut mine operated from
1987 to 2002, producing over 2.5 million ounces of gold and 2.3
million ounces of silver during its mine life. The Company has
compiled all its historical exploration and drilling data and
forwarded it to an external party to reassess the exploration
potential of the Mining Licences. The Company has also forwarded
historical information and previous economic studies in relation to
reprocessing of its mill scat stockpiles to an external consultant
familiar with the project for review and preparation of a revised
proposal. These opportunities are not yet at a sufficient stage to
satisfy ASX requirements for continued quotation under Chapter 12
of the Listing Rules.
Accordingly, the Board advises that trading in the shares of the
Company will be suspended by the ASX from 14 July 2014. Leyshon
Resources will remain an ASX listed entity and provided it is able
to recommence operations of a level that, in the opinion of the
ASX, is sufficient to justify quotation of Leyshon Resource's
securities in the future, the suspension of trading in the
Company's shares will be lifted.
Leyshon Resources Managing Director Corey Nolan said: "With its
available cash reserves, Leyshon Resources is well positioned to
pursue quality projects in accordance with our investment strategy.
Every effort will be made to ensure we secure assets that are most
likely to achieve the corporate objectives and strategic aims of
the Company."
In the interim, the Company will continue to evaluate suitable
investment opportunities and will keep the market informed of any
material developments as they occur.
The Company confirms that its securities continue to trade on
the AIM Market and the Company remains subject to Rule 15 of the
AIM Rules for Companies ("AIM Rules") whereby the Company will have
to make an acquisition(s) which constitute a reverse takeover under
AIM Rule 14 or otherwise implement its investing policy to the
satisfaction of the London Stock Exchange within twelve months of
the demerger of Leyshon Energy.
For further information please contact:
Leyshon Resources Limited
Corey Nolan - Managing Director
Tel: +61 7 3221 7770
admin@leyshonresources.com
RFC Ambrian Limited
Samantha Harrison (Nominated Adviser)
Kim Eckhof (Corporate broking)
Tel: +44 (0)203 440 6800
http://www.leyshonresources.com
Leyshon Resources Limited ABN 75 010 482 274
Level 3 / Suite 3, 1292 Hay Street, West Perth 6005, Western
Australia
Tel: + 61 8 9321 0077 Fax: + 61 8 9322 4073
This information is provided by RNS
The company news service from the London Stock Exchange
END
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