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CADOUX LIMITED — Capital/Financing Update 2009
Oct 29, 2009
64620_rns_2009-10-29_38987da1-a2ef-45d3-a7b7-9614100181db.pdf
Capital/Financing Update
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EXTENSION OF DUE DILIGENCE PERIOD TENEMENT ACQUISITION AGREEMENT YARLARWEELOR URANIUM PROJECT
SUMMARY
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The Tenement Acquisition Agreement executed between Freedom Eye Limited and Empire Resources Limited provided for a due diligence period relating to the proposed acquisition which would expire on 31 October 2009
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Freedom Eye Limited and Empire Resources Limited have agreed to extend the due diligence period to 31 December 2009
Perth, Australia. 30 October 2009 : The Board of Directors of Freedom Eye Ltd hereby announce that the end date for the due diligence period contained within the Yarlarweelor Tenement Acquisition Agreement executed between Freedom Eye Limited (FYI) and Empire Resources Limited (ERL) (see ASX announcement dated 1 October 2009) has been extended from 31 October 2009 to 31 December 2009.
The reason for this extension is due to the fact that, in the absence of formal ground clearance relating to the Yarlarweelor prospect’s Heritage Agreement, ERL was unable to complete its planned exploration activity in 2009 and as such has been unable to meet the minimum exploration expenditure obligations for the tenement. ERL have submitted an Exemption from Expenditure Application to the Western Australian Department of Mines and Petroleum, however the Department has yet to determine the exemption application. In light of the foregoing, the directors of FYI and ERL have agreed to extend the due diligence period to 31 December 2009.
The directors of both ERL and FYI are confident that this issue will be resolved to the satisfaction of ERL and FYI within the extended due diligence period.
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Further Information:
Mr Russell Barnett Dr David Sparling Chairman Director Mob: 0438 710 917 Mob: 0417 721 972
Unit 9, 8 Sarich Way, BENTLEY 6102 Postal: PO Box 1102 EAST VICTORIA PARK WA 6981 Tel: +61 8 9355 0399 Fax: +61 8 9472 0475 Email: [email protected] Website: www.freedomeye.com