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COMPLII FINTECH SOLUTIONS LTD — Capital/Financing Update 2012
Oct 28, 2012
64639_rns_2012-10-28_7bf12637-5d51-40af-96bc-2923b73bb72f.pdf
Capital/Financing Update
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29 October 2012
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SALE OF SPINIFEX : PROJECT RATIONALISATION CONTINUES
Thundelarra (ASX:THX) is pleased to report progress in its previously announced strategy of rationalising its extensive portfolio of exploration projects. Thundelarra and joint venture partners Resource Star (ASX:RSL) have agreed to terminate the joint venture, originally formed in April 2011, to explore the Spinifex tenement (E80/3572) in the north of Western Australia.
Highlights:
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Resource Star Limited (ASX:RSL) has agreed to acquire 100% of the Spinifex Uranium Project in Western Australia from Thundelarra Exploration Limited (ASX:THX).
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Resource Star will issue 5 million fully paid ordinary shares to Thundelarra as consideration for the acquisition and the 1.5% Net Smelter Royalty (“NSR”) that is part of the existing Joint Venture Agreement between the Parties will be retained by Thundelarra.
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The transaction is subject to finalising all necessary documentation and obtaining required regulatory approvals and consents in Western Australia.
Thundelarra agrees with Resource Star that this decision delivers greater flexibility for the effective exploration of the project. The five million fully paid ordinary shares in Resource Star that will be issued to Thundelarra as consideration, together with the retention of a 1.5% NSR on any future production, will preserve Thundelarra’s exposure to the geological potential of the tenement, while simultaneously freeing up the time and expenditure demands of joint venture arrangements.
The process of formally documenting the transaction, and of assigning all the relevant cultural and heritage agreements to which Thundelarra is currently party, has commenced.
For Further Information Contact: THUNDELARRA EXPLORATION LTD Mr Tony Lofthouse – Chief Executive Officer Issued Shares: 222.0M +61 8 9321 9680 ASX Codes: THX & THXOA
Competent Person Statement
The details contained in this report that pertain to Exploration Results, Mineral Resources or Ore Reserves, are based upon information compiled by Mr Costica Vieru, a Member of the Australian Institute of Geoscientists and an employee of the Company. Mr Vieru has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Vieru consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears.
Level 3, 1060 Hay St West Perth WA 6005 PO Box 7363 Cloisters Square WA 6850
Ph: +61 8 9321 9680 Fax: +61 8 9321 9670
www.thundelarra.com.au [email protected] ABN: 74 950 465 654