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MINERAL COMMODITIES LTD — Capital/Financing Update 2009
Sep 20, 2009
65371_rns_2009-09-20_f99c1e09-1b38-485e-8d64-42f509a9ea2f.pdf
Capital/Financing Update
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Mineral Commodities Ltd
ACN 008 478 653 ABN 39 008 478 653
Unit 15, Level 1, 51-53 Kewdale Road Welshpool, Western Australia 6106 PO Box 235, Welshpool DC 6986 Telephone: 61 8 9353 4890 Facsimile: 61 8 9353 4894 Email: [email protected] Web: www.mncom.com.au
21 September 2009
Australian Stock Exchange Company Announcements Office
Uranium Exploration Agreement – Completion of Stage 1 Funding
On 27[th] April 2009 Mineral Commodities Limited (“MRC”) entered into a Subscription Agreement with Africa Uranium Limited (“AUL”) whereby MRC had the right to fund AUL’s exploration activities by advancing funds to AUL in accordance with agreed stages. Stage 1 Funding required MRC to advance US$1 million to AUL in return for a 10% interest in AUL. Once complete, MRC could advance further funds in Stages 2 and 3.
MRC has completed the Stage 1 Funding and has advised AUL that it has elected not to proceed with Stage 2 Funding. MRC will be allotted such shares that will equate to a further 10% interest in AUL.
AUL has advised that it has secured funding for its ongoing exploration on favourable terms and MRC will monitor its investment in AUL with interest.
Yours faithfully
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Greg Steemson Director
For enquiries in connection with this release please contact:
Mineral Commodities Limited +61 8 9353 4890 telephone +61 8 9353 4894 facsimile e-mail: [email protected]