AI assistant
IRON BEAR RESOURCES LTD — Capital/Financing Update 2013
Nov 20, 2013
65091_rns_2013-11-20_9c8680d6-f38b-4c8c-a71b-a2de9f713545.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX Announcement 21 November 2013
MCC ESCROW ACCOUNT UPDATE
Further to the announcements made by Cape Lambert Resources Limited (ASX: CFE ) ( Cape Lambert or the Company ) on 9 August 2013, 6 and 11 September 2013, 17 October 2013 and 6 November 2013 the Company advises that the Metallurgical Corporation of China Limited ( MCC ), in breach of the Partial Award and subsequent Procedural Orders, has failed to transfer the disputed sum of A$80 million into an escrow account held with the National Australia Bank ( NAB ) in the joint names of Cape Lambert and MCC.
Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and interests in mining and exploration companies.
The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its “hands on” approach is geared to add value and position assets for development and/or sale.
The Board and management exhibit a strong track record of delivering shareholder value.
The Company has sought urgent relief from the Arbitrator and orders were made on 20 November 2013 acknowledging the default and directing that, amongst other things, MCC confirm payment will be effected and ensure the transfer is completed by no later than 5pm Western Australian time on Tuesday, 26 November 2013.
Australian Securities Exchange Code: CFE
Ordinary shares 676,191,942
Unlisted Options 10,765,000 ($0.29 exp 22 Nov 2013)
Board of Directors
Yours faithfully Cape Lambert Resources Limited
Tony Sage Executive Chairman
Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director Claire Tolcon Company Secretary
Key Projects and Interests
Marampa Iron Ore Project Pinnacle Group Assets
Cape Lambert Contact
Tony Sage Executive Chairman
Eloise von Puttkammer Investor Relations
Phone: +61 8 9380 9555 Email: [email protected]
Australian Enquiries
Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: [email protected]
UK Enquiries
Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)207 920 3150 Mobile: +44 (0)7899 870 450
Cape Lambert Resources Limited[ABN 71 095 047 920 ]
Corporate - 32 Harrogate Street, West Leederville WA 6007