mjn announcement

  1. 369 Posts.
    Merger with Messina Investments Limited
    15-05 1644

    Majestic Resources NL ("Majestic") is pleased to update shareholders
    on progress made to implement the merger with Messina Investments

    The Vendors of Messina Investments Limited have waived a number of
    pre-conditions except for:

    1. Completion of an Initial Capital raising of A$1 million dollars

    2. Achieving revised settlement terms with a February 2004
    Convertible Note Holder.

    On satisfaction of the above pre-conditions the Vendors will go
    unconditional and allow the merger to proceed.

    Charles Mostert, CEO, said: "The waivers from the Vendors are a major
    breakthrough and underscores the desire from both parties to complete
    the merger. Feedback from market sources also indicated that a
    further capital raising will be enhanced if the merger was
    consummated, the Company renamed as Crown Diamonds Limited and the
    shares and options on issue consolidated on a 9 for 1 basis".

    Subsequent to the initial fund raising, a prospectus will be issued
    to complete a capital raising of A$4.4 million which is in addition
    to the initial capital raising. Shareholders can expect a further
    update on the merger in the very near future.

    For further information:
    John Baillie
    Majestic Resources NL
    Telephone: +61 8 9368 6096
    Facsimile: +61 8 9368 6103
    Email: [email protected]
    ACN: 050 540 332 Website: www.majesticresources.com.au

    ends - AAP

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