Leyshon Resources Limited Proposed Acquisition Interest in Tungsten Project (5326X)
20 Novembro 2014 - 5:01AM
UK Regulatory
TIDMLRL
RNS Number : 5326X
Leyshon Resources Limited
20 November 2014
LEYSHON RESOURCES LIMITED
20 November 2014
Proposed Acquisition of a 50.1% Interest in an Advanced Tungsten
Project
Leyshon Resources Limited (AIM/ASX: LRL) ("Leyshon Resources" or
the "Company") is pleased to announce that it has entered into a
binding Heads of Agreement to obtain a 50.1% interest in
International Tungsten Services Limited ("ITS"), a private Korean
company.
ITS has a controlling interest in an advanced tungsten
exploration project, and commenced production of scheelite
concentrate through the retreatment of surface stockpile material
and bulk samples from an underground mine, in the Republic of
Korea.
In return for its 50.1% interest in ITS, Leyshon Resources will
provide management and corporate expertise and arrange funding of
US$13.5 million for the on-going development of the project. Once
ITS is fully funded, Leyshon Resources will be entitled to nominate
3 directors to the board of ITS, with the other 3 directors to be
nominated by ITS. The board will also appoint a mutually agreed
Operations Manager, who will be responsible for the day-to-day
management of ITS.
Under the terms of the Heads of Agreement, Leyshon Resources
will also provide an initial unsecured loan of US$500,000 to ITS,
subject to the satisfaction of certain conditions. The loan is to
provide working capital and will be interest free and repayable in
12 months.
Leyshon Resources Managing Director Corey Nolan said: "Following
the successful demerger of Leyshon Energy Limited in January 2014,
the Company has considered and evaluated an extensive list of
potential projects and is delighted to have successfully negotiated
a majority interest in this advanced tungsten project in close
proximity to major Asian markets."
The Company will continue to evaluate other suitable investment
opportunities and will keep the market informed of any material
developments as they occur.
The shares of Leyshon Resources are currently suspended from
trading on ASX. Pursuant to AIM Rule 14, the proposed transaction,
if completed, would constitute a reverse takeover, requiring
readmission of the shares of the Company to the AIM market, and
therefore the Company has requested that its shares also be
suspended from trading on AIM from 7:30am (London time) today.
Re-admission would be subject to, inter alia, the approval of
shareholders of the transaction in a general meeting and the
publication of an admission document in respect of the enlarged
entity.
Further details of the proposed transaction will be provided to
shareholders in due course.
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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