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IODM LIMITED — Capital/Financing Update 2014
Sep 22, 2014
65131_rns_2014-09-22_0b54777f-db62-47c3-8821-6cb904906bc3.pdf
Capital/Financing Update
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Sale of White Rock Tungsten Project
- Conditional sale agreement with a private company to sell the “White Rock” Tungsten Project.
ABN 28 102 747 133
ASX Release
23 September 2014
Level 1/330 Churchill Avenue Subiaco, WA 6008
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Paradigm to receive $140,000 cash plus reimbursement of $10,000 environmental bond.
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Subject to the satisfaction of conditions precedent, completion is anticipated by 28 November 2014.
Ph: +61 8 9200-4482 Fax: +61 8 9200-4469
Contact : Anthony Reilly Managing Director
Email : [email protected]
Website : www.paradigmmetals.com.au
Directors: Anthony Reilly Graham Carman Brian McMaster
ASX Symbol: PDM
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Paradigm Metals Limited (“ Paradigm ” or “the Company ”) is pleased to announce it has entered into an exclusive and conditional agreement to sell 100% of its “White Rock” tungsten project, EL6274 in NSW (“ Tenement ”), to a private company Strategic Metals Australia Pty Ltd (“ Purchaser ”).
The transaction is conditional upon the satisfaction of the following conditions precedent with completion anticipated on or before the 28[th] November:
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the Purchaser undertaking due diligence to satisfy itself as to the veracity of the data as it applies to the Tenement;
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the Purchaser raising $164,000 in new equity capital; and
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the grant of all necessary consents and approvals required under the Mining Act 1992 (NSW) to the transaction contemplated by this agreement.
The Company and the Purchaser are working together to do all things reasonably necessary for satisfying these conditions as soon as practicable.
The divestment of this non-core asset allows the company to continue to focus on reviewing new project opportunities both in Australia and overseas.
The Company looks forward to updating investors in the near future.
Yours sincerely,
Anthony Reilly Chief Executive Officer 23 September 2014
Email: [email protected]
Website: www.paradigmmetals.com.au
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