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MINBOS RESOURCES LIMITED — M&A Activity 2017
Nov 27, 2017
65355_rns_2017-11-27_b9e77f22-9c7b-4ab6-bafb-f90887539ab1.pdf
M&A Activity
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ASX Code: MNB PERTH OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
28 November 2017
Isabelle Andrews ASX Limited Level 40, Central Park 152-158 St George's Terrace Perth WA 6000
Dear Ms Andrews,
TERMINATION OF SHARE SALE AGREEMENT TO MERGE WITH JV PARTNER
Minbos Resources Limited (“Minbos” or “the Company”) refers to its announcements on the 12th December 2016 and 17th May 2017, regarding the Share Sale Agreement (“SSA”) with Petril Phosphates Limited (“Petril”) and each of the shareholders of Petril, under which Minbos agreed to acquire all the shares of Petril subject to the satisfaction, or waiver, of conditions precedent by the end date of 24 October 2017. The conditions precedent were not satisfied by the end date and have not been waived by the parties.
The Board believes that the value to Minbos shareholders arising from the merger has diminished due to delay in reaching completion, and the Board has taken the view that it is no longer in the best interests of Minbos shareholders to continue with the merger. Accordingly, Minbos has today issued a notice of termination to Petril and the merger will no longer proceed.
Minbos remains a 50/50 joint venture partner in relation to the Cabinda Project. It is the Board’s intention to now actively pursue additional investments in the mineral resources sector.
Yours sincerely,
Lindsay Reed Chief Executive Officer