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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2015
Mar 31, 2015
64708_rns_2015-03-31_d8e3fc2f-d902-4e9b-bf9d-0439bf5b4439.pdf
Capital/Financing Update
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ASX Release 1 April 2015
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$1.1 million sale of substantial FCG holding
Sovereign Gold Company Limited ACN 145 184 667
Level 2, 131 Macquarie Street Sydney NSW 2000 Tel: +61 2 9251 7177 Fax: +61 2 9251 7500
Contact Simon Bird MD
email: [email protected]
Latest News www.sovereigngold.com.au
Directors / Officers John Dawkins AO Simon Bird Michael Leu Bruce Dennis Jacob Rebek
Sovereign Gold Company Limited (Sovereign Gold) advises that upon the reinstatement of Frontier Capital Group Limited (formally Precious Metal Resources Limited) (FCG) to Official Quotation on the ASX, it has, together with its subsidiary Mount Adrah Gold Limited, agreed to sell the following FCG shares:
Sovereign Gold 3,500,000 Mount Adrah Gold 2,000,000 Total 5,500,000
Consideration for the FCG shares is $1,100,000 to be paid over 4 equal tranches of $275,000, commencing 2 weeks following reinstatement of FCG shares to Official Quotation on the ASX, then four monthly thereafter. Settlement can occur earlier at the buyer’s option.
The first tranche will be paid no later than 21 April 2015.
“The sale of the FCG shares will provide cash reserves to the Sovereign Gold, enabling it to discharge debt and provide working capital for the Mount Adrah Gold Project,” said Managing Director, Simon Bird.
“We hope that this injection of funds, on the back of our current Share Purchase Plan, will be the stepping stone to increasing shareholder value following a period of price uncertainty.”
ASX Symbol: SOC
“The Share Purchase Plan has been extended by two weeks and now closes on 15 April 2015.”
For further information please contact:
Simon Bird, Managing Director Henry Kinstlinger, Investor Relations
Sovereign Gold Company Limited Telephone: +61 2 9251 7177