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IRON BEAR RESOURCES LTD — Capital/Financing Update 2014
Mar 18, 2014
65091_rns_2014-03-18_573039b8-72f7-4e9c-8b28-8f783596b0a2.pdf
Capital/Financing Update
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ASX Announcement 19 March 2014
Final Proceeds Received from Glory Resources Takeover
Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) is pleased to provide the following update in relation to the off market takeover by TSX listed Eldorado Gold Corporation ( TSX: ELD ) (“Eldorado”) to acquire Glory Resources Limited (ASX: GLY) (“Glory”) (refer ASX Announcements dated 31 October 2013 and 11 February 2014).
Cape Lambert previously received A$6,247,500 in cash which represents the sale of the Company’s shareholding in Glory (refer ASX Announcement dated 21 February 2013).
Cape Lambert has received the balance of the consideration in cash, being A$6,500,000 for upfront payment in lieu of the Milestone Payments.
Cape Lambert has cash and receivables of approximately $33.0 million which includes available unrestricted cash reserves of approximately A$27.9 million.
Cape Lambert Executive Chairman, Mr Tony Sage said, “Cape Lambert is in a very strong financial position with no debt and a healthy cash balance that enables the Company to maintain its current portfolio and look for distressed assets in the current difficult market.”
Cape Lambert Resources Limited (ASX: CFE) is a fully funded mineral development company with exposure to iron ore, copper, gold, uranium, manganese, lithium and lead-silverzinc assets in Australia, Europe, Africa and South America.
Australian Securities Exchange Code: CFE
Ordinary shares 665,138,887
Unlisted Options 500,000 ($0.15 exp 30 Sept 2015)
Board of Directors Tony Sage Executive Chairman
Tim Turner Non-executive Director
Jason Brewer Non-executive Director
Ross Levin Non-executive Director
Melissa Chapman Company Secretary
Key Projects and Interests
Marampa Iron Ore Project Pinnacle Group Assets
Yours faithfully Cape Lambert Resources Limited
Tony Sage
Executive Chairman
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