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IRON BEAR RESOURCES LTD — M&A Activity 2013
Oct 30, 2013
65091_rns_2013-10-30_851a4880-4fd5-4d3c-ac40-2170ded90db4.pdf
M&A Activity
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ASX Announcement 31 October 2013
Clarifying Announcement
Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) wishes to provide a clarification to its announcement released earlier today in respect to its support of the off market takeover offer by TSX listed Eldorado Gold Corporation ( TSX: ELD ) (“Eldorado”) for all of the issued shares in Glory Resources Limited that it does not currently own (ASX: GLY) (“Takeover Offer”).
As announced, pursuant to the terms of the sale of the Sapes Project by Cape Lambert to Glory Resources in 2011, Glory Resources must pay Cape Lambert A$10,000,000 in cash or shares (at the election of Cape Lambert) on achievement of two key milestones relating to the Sapes Project (A$5,000,000 for each milestone), namely the granting of an operating permit and the sale of the first 1,000 ounces of gold or gold equivalent (“Milestone Payments”).
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.
Australian Securities Exchange Code: CFE
Ordinary shares 676,191,942
Unlisted options (30 June 2010) 10,765,000 ($0.29 exp 22 Nov 2013)
Cape Lambert had advised that the Takeover Offer is conditional on Cape Lambert agreeing to a A$6.5million payment for the Milestone Payments.
Cape Lambert wishes to clarify that it has entered into a deed poll in favour of Glory Resources and Eldorado agreeing that it will accept A$6.5million in satisfaction of the Milestone Payments, payable by Eldorado at any time during the period starting at the end of the offer period and ending 20 business days after the end of the offer period. The A$6.5million payment is conditional on successful completion of the Takeover Offer.
Yours faithfully Cape Lambert Resources Limited
Board of Directors
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 International Goldfields Limited
Cape Lambert Contact Tony Sage Executive Chairman
Eloise von Puttkammer Investor Relations
Tony Sage Executive Chairman
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
Conduit Public Relations 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