ADY 7.69% 1.2¢ admiralty resources nl.

good news ady receive a total of 36281536

  1. 484 Posts.
    great news ADY to receive a total of A$36,281,536 in four tranches

    Release Time IMMEDIATE
    Date 31 October 2008
    The Board of Admiralty Resources NL has signed a binding Memorandum of
    Understanding (MOU) with Charge Resources Pty Ltd for the sale of the whole of the
    Company’s interest in its subsidiary Rincon Lithium Limited. A sale and purchase
    contract is currently being finalised.
    Rincon Lithium Limited’s assets include the mine tenements in Northern Argentina
    (Salar del Rincón and Salar de Río Grande) and the full rights over the patent
    application for the production of lithium carbonate from brines.
    Admiralty Resources NL will receive a total of A$36,281,536 in four tranches. The first
    tranche of A$28,781,536 is receivable at settlement after binding agreements are entered into, expected to be today or very soon thereafter. The final tranche is
    receivable by 30 June 2009.
    In addition, Admiralty Resources NL will be entitled to commit a maximum of 10% of the capital raised should there be an Initial Public Offering (IPO) of the assets of
    Rincon Lithium Limited at a discount of 15% to the offer price.

    The proceeds of the sale will enable the Company to clear its debts: A$11.8m to Hawkswood Investments Pty Ltd (in Liquidation), US$12m to Ya Global Investments
    L.P. and A$1.94m to Australian private investors. The remaining proceeds will be used
    for working capital to expand the iron ore operations in Chile.
    The debt due to Hawkswood Investments Pty Ltd (in Liquidation) will be discharged at
    settlement and the fixed and floating charge over the Company’s assets will be lifted
    The demerger announced on 2 October 2007 will not proceed as Admiralty will have
    disposed of its interests in Rincon Lithium Limited for cash.
    Further information on Admiralty Resources NL can be found on our Internet site:
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