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STRIKE RESOURCES LIMITED — Capital/Financing Update 2008
Sep 22, 2008
65855_rns_2008-09-22_91aabe6e-2f9a-40e2-8e8e-412d58fcea39.pdf
Capital/Financing Update
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Tuesday, 23 September 2008
MARKET ANNOUNCEMENT
UPDATE ON GALLAGHER SHARE PLACEMENT
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Tranche 2 Share Subscription Agreement not proceeding
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Due diligence not satisfied as a result of international financial crisis
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Gallagher due diligence investigation confirms its view that D&C claims have little or no merit
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Good-faith negotiations between parties for further Gallagher investment in Strike continuing
As previously announced, Gallagher Holdings Limited ( Gallagher ) was scheduled to declare the results of its due diligence for the second, A$53.4 million, tranche ( Tranche 2 ) of its agreement to subscribe for 19,412,471 shares in Strike at A$2.75 per share ( Share Subscription Agreement) , on or before 22 September 2008.
The Company confirms that it has been advised by Gallagher that its due diligence investigation in relation to Tranche 2 has not been satisfied as a result of the uncertainty created by the international financial crisis.
Gallagher has advised the Company that it is disappointed that Tranche 2 is not proceeding as it conducted extensive due diligence on the Company. In particular Gallagher has advised that its extensive due diligence into the merits of the D&C Group’s claims lead it to believe that such claims have little or no merit.
Gallagher has advised the Company that it is still desirous of making a further investment into the Company. The parties are continuing to engage in good faith negotiations to replace Tranche 2 with an alternative investment mechanism into Strike at an issue price of $2.75 per share.
For further information:
Dr John Stephenson Shanker Madan Chairman Managing Director T | +61 8 9214 9700 T | +61 8 9214 9700 E | [email protected] E | [email protected]
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STRIKE RESOURCES LIMITED
A.B.N. 94 088 488 724
Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 T | +61 8 9214 9700 F | +61 8 9322 1515 E
ASX Code: SRK