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GREEN360 TECHNOLOGIES LIMITED — Capital/Financing Update 2015
Apr 7, 2015
65020_rns_2015-04-07_35cfb12f-f357-4558-a39b-aace28bbf258.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
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8 April 2015
Market Update
Lithex Resources Limited (“Lithex” or “Company”) ( ASX: LTX ) provides a market update prior to the lifting of its voluntary suspension by ASX on 8 April 2015.
Mpire Media Transaction
On 3 November 2014, the Company requested to be put in to voluntary suspension as it was not in a position to provide the market with an update on the Mpire Media transaction. On 15 January 2015, the Company announced that, in conjunction with the vendor, Zhenya Holdings Pty Ltd, the Share Sale and Purchase Agreement pursuant to which the Company was to acquire the Mpire Media business was terminated.
Following the termination of the Share Sale and Purchase Agreement, the secured loan of $1.2 million between the Company and Livelynk Group Pty Ltd ( Livelynk ) remained in place with a repayment date of 31 March 2015. Interest at the rate of 7% per annum commenced with effect from 1 January 2015.
On 19 March 2015, the Company advised that it has reached an agreement with Livelynk to extend the repayment date of the secured loan to the earlier of:
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a) 30 June 2015;
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b) completion of the acquisition of Livelynk by a company whose shares are listed on the Australian Securities Exchange; and
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c) an event of default occurring.
In consideration for the Company agreeing to the variation of the loan agreement, Livelynk agreed to pay a facility extension fee of $5,000 per month from 1 April 2015.
In addition, the Livelynk agreed to pay 50% of the costs incurred in relation to the Mpire Media Transaction. Of this, $50,000 was received on 20 January 2015, with the balance of $115,000 due on 30 June 2015.
On 26 March 2015, Fortunis Resources Limited ( Fortunis ) announced to the market that it had entered into an option agreement to acquire 100% of Livelynk, the operator of the Mpire Media online performance based marketing business. As part of the completion by Fortunis of the acquisition, Livelynk will repay all monies owing to the Company.
Level 1, 330 Churchill Avenue, Subiaco 6008 P.O. Box 2015, Subiaco 6904
Website. www.lithex.com.au email: [email protected] Tel: 08 9200 5885
ACN: 140 316 463 ASX code: LTX
Lithex Resources Limited (ASX: LTX)
Exploration Activities
The Company continues to explore its existing assets in Western Australia. An exploration plan and budget have been prepared to enable the Company to further evaluate these tenements.
Investment Opportunities
With the termination of the Share Sale and Purchase Agreement, the Board continues to review the Company’s strategy with the view to identifying and evaluating investment opportunities that it considers will enhance shareholder value.
For further information please contact:
Peter Webse
Company Secretary Lithex Resources Limited (08) 9481 3860
Forward Looking Statements
This report may contain forward looking statements that are subject to risk factors which are based on Lithex Resources’ expectations relating to future events. Forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside the control of Lithex Resources, which could cause actual results to differ materially from such statements. Lithex Resources makes no undertaking to update or revise the forward-looking statements made in this report to reflect events or circumstances after the date of this release.
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