Stone Resources provides update on the framework agreement regarding sale of shares of Stone Resources Limited
09 Julho 2012 - 6:22AM
PR Newswire (Canada)
VANCOUVER, July 10, 2012 /CNW/ - Stone Resources Limited ("Stone
Resources" or the "Company") announces that it has been advised
that on July 6, 2012 certain of its shareholders, including Stone
Group Holdings Limited ("SGHL"), Seasource Holdings Limited
("Seasource"), Springbend Holdings Limited ("Springbend") Pak Yu
Investments Limited ("PYIL") and Tycoon Rich Holdings Limited
("Tycoon", and together with SGHL, Seasource, Springbend and PYIL,
the "Controlling Shareholders") entered into a termination
agreement (the "Termination Agreement") with Superb Summit
International Timber Company Limited ("Superb Summit") to terminate
the previously announced transaction whereby Superb Summit would
acquire the issued and outstanding shares of the Company owned by
the Controlling Shareholders (the "Stone Shares") pursuant to a
share purchase agreement (the "Share Purchase Agreement"). The
Stone Shares that were subject to the Share Purchase Agreement
represented approximately 72.89% of the outstanding shares of Stone
Resources. The Company understands that, pursuant to the
Termination Agreement, the parties' respective rights and
obligations under the Share Purchase Agreement are released and
discharged and have no further force and effect and that the
parties have terminated the Share Purchase Agreement due to the
delayed timing on the completion of an independent technical
report. The Company also understands that on July 6, 2012, Superb
Summit and the Controlling Shareholders entered into an exclusive
right agreement (the "Exclusive Right Agreement"). The
Company has been advised that the Exclusive Right Agreement
provides Superb Summit with the exclusive right to negotiate with
the Controlling Shareholders in respect of the acquisition of the
Stone Shares for a period of six months. During the six month
period, the Controlling Shareholders are restricted from
negotiating or entering into any agreement or arrangement with any
third party with respect to the acquisition of the Stone
Shares. Finally, the Company understands that Mr. Duan
Yongji, the beneficial owner of one of the Controlling Shareholders
has guaranteed the performance of the Controlling Shareholders
under the Exclusive Right Agreement. On behalf of the Board, Xin
Kelei Vice President About Stone Resources Limited Stone Resources
Limited is a company incorporated in Bermuda and listed on the TSX
Venture Exchange in Canada. The Company is involved with
mineral resources exploration and development. Stone
Resources plans to expand and develop its business using its
effective team of experts in exploration, geology, metallurgy, mine
engineering, law and finance. Cautionary Statement on
Forward-Looking Statements The information in this document
contains certain forward-looking statements with respect to
activities of the Company, based on assumptions about future
courses of action, including with respect to the Exclusive Rights
Agreement and the Company's business objectives. Although
management has a reasonable basis for the conclusions drawn, risk
factors and uncertainties may cause actual results to differ
materially from those currently anticipated in such statements.
These risks and uncertainties relate to such factors as the ability
of the Company to proceed with its business objectives. In view of
these uncertainties we caution readers not to place undue reliance
on these forward-looking statements. Statements made in this
document are made as of the date hereof and the Company disclaims
any intention or obligation to update or revise any statements made
herein, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Stone Resources Limited CONTACT: Xin
KeleiVice-President and Corporate Secretary+1 (604) 303-9070
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