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MINERAL COMMODITIES LTD — M&A Activity 2011
Dec 20, 2011
65371_rns_2011-12-20_85f9cc1e-3042-4510-9360-d2f6cca5fbf9.pdf
M&A Activity
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Mineral Commodities Ltd
ABN 39 008 478 653
40 Murray Road North, Welshpool, Western Australia 6106 PO Box 235, Welshpool DC, WA 6986 Australia Telephone: 61 8 6253 1100 Facsimile: 61 8 9258 3601 Email: [email protected] Web: www.mncom.com.au
20 December 2011
Company Announcements Platform Australian Stock Exchange Limited
Acquisition of Cable Sands at an end
Mineral Commodities Ltd. ( ASX: MRC ) ( MRC or the Company ) advises that the conditions precedent, as set out in the Share Sale Agreement with subsidiaries of Cristal Australia Pty Ltd for the acquisition of Cable Sands (WA) Pty Ltd and Cable Sands Pty Ltd ( Acquisition ), have not been met within the required timeframe, the proposed Acquisition is at an end. Additionally, as the Share Sale Agreement for the acquisition of Simto Resources Limited by the Company ( Simto Acquisition ) (as referred to in the announcements of the Company dated 27 July 2011 and 20 September 2011) was conditional upon the settlement of the Acquisition, the Simto Acquisition is also at an end
The final material condition precedent to the Acquisition was the procurement of funding for the Acquisition. Prevailing global markets have provided for difficult conditions in which to raise funds and as a result the necessary funding has not been secured.
The Company will continue to concentrate its efforts on the development of its Tormin Mineral Sands Project in South Africa.
For further information please contact:
Mineral Commodities Limited
Mark Caruso Managing Director +61-(0)417-964-234