African Eagle Resources PLC
(Thomson Reuters ONE) -
30 August 2013
African Eagle Resources Plc
("African Eagle" or the "Company")
Elephant Copper
African Eagle notes an announcement made on 29 August 2013 by RTG Mining Inc.
(TSX:RTG), regarding Elephant Copper Ltd. ("Elephant Copper").
As announced in the circular sent to shareholders on 5 July 2013, African Eagle
remains interested in 9,050,000 shares in Elephant Copper, representing
approximately 14.4% of the issued share capital.
The full announcement made by RTG Mining Inc. is set out below:
"SALE OF INTEREST IN MKUSHI COPPER JOINT VENTURE FOR US$13.1M
29 AUGUST 2013
RTG Mining Inc. (TSX:RTG) (RTG) is pleased to announce an agreement has been
entered into for the sale of RTG's 51% interest in the Mkushi Copper Project in
Zambia for US$13.1m (Transaction). The sale to our joint venture partner,
Elephant Copper Ltd. (Elephant Copper), is subject to conditions precedent, with
completion expected in mid September 2013.
The purchase price of US$13.1m will be satisfied by the issue of US$6.6m in new
fully paid ordinary shares in Elephant Copper and a US$6.5m unsecured redeemable
convertible note (Convertible Note). The Convertible Note will be repayable on
or before 1 January 2015, unless converted earlier, and will have an exercise
price for conversion equal to the lesser of US$0.45 and 1.36 times the IPO Price
(as defined in the agreement). Elephant Copper is in the process of completing a
"go public event" (IPO) through a transaction that would, after obtaining
regulatory approval, be the qualifying transaction for Credent Capital Corp.
If Elephant Copper enters into an "alternative transaction" (a sale of 20% or
more of the shares or assets in Elephant Copper or similar transaction) both
parties have rights to convert the US$6.6m share issue into a cash payment and
Elephant Copper is entitled to redeem the Convertible Note early.
Elephant Copper has also agreed to repay on or before 1 January 2014, certain
debts owing to RTG, which are currently in the order of US$1.35m.
ABOUT RTG MINING INC.
RTG Mining Inc. is listed on the main board of the TSX and is a mining
exploration company focused on identifying new gold development and operating
acquisition opportunities. RTG is now run by the previous management team of CGA
Mining Limited, which successfully merged with B2Gold Inc. in a US$1.1bn scheme
of arrangement in January 2013. RTG also holds a 51% interest in the Segilola
Gold Project in Nigeria (in dispute), the largest undeveloped gold resource
identified in Nigeria and holds a 51% interest in the Mkushi Copper Project in
Zambia, the subject of this announcement. At the Segilola Gold Project, Ratel
Group has identified an indicated resource of 520,000 ounces of gold contained
in 3,658,000 tonnes at a grade of 4.4g/t and an inferred resource of 97,600
ounces of gold contained in 790,200 tonnes at a grade of 3.8g/t in accordance
with NI 43-101.
NATIONAL INSTRUMENT 43-101 COMPLIANCE
The technical information in this news release has been reviewed by and approved
by Mark Turner for Ratel Group, and a Qualified Person under National Instrument
43-101 -Standards of Disclosure for Mineral Projects.
Mr. Alfred John Gillman of Odessa Resources Pty Ltd, an independent qualified
person experienced in the style of mineralisation at the Segilola Gold Project,
has completed the resource statement for the Segilola Project as referred to in
this announcement, including verification of the sampling, analytical and test
data underlying the estimate. Verification also included a site visit, database
validation of historical drill results and a review of sampling and assaying
protocols. The qualified person was satisfied with all of the protocols used
during the drilling, sampling and in the Segilola resource estimate compilation
and computation.
The technical information in this news release has been reviewed by and approved
by Mark Turner for Ratel Group, and a Qualified Person under National Instrument
43-101 -Standards of Disclosure for Mineral Projects.
ENQUIRIES
Chairman - Michael Carrick CEO - Justine Magee
Tel: +61 8 6489 2900 Tel: +61 8 6489 2900
Fax: +61 8 6489 2920 Fax : +61 8 6489 2920
Email: mcarrick(at)rtgmining.com Email: jmagee(at)rtgmining.com
www.rtgmining.com
Cautionary Note Regarding Forward Looking Statements
Certain statements contained in this announcement constitute forward looking
statements within the meaning of applicable securities laws including, among
others, statements made or implied relating to RTG's objectives, strategies to
achieve those objectives, RTG's beliefs, plans, estimates and intentions, and
similar statements concerning anticipated future events, results, circumstances,
performance or expectations that are not historical facts.
Forward looking statements generally can be identified by words such as
"objective", "may", "will", "expect", "likely", "intend", "estimate",
"anticipate", "believe", "should", "plans" or similar expressions suggesting
future outcomes or events. All statements, other than statements of historical
fact, included herein including, without limitation; statements about the
completion of the Transaction, use of proceeds and the business objectives of
RTG, are forward-looking statements. By their nature, such forward looking
statements are not guarantees of future performance and reflect RTG's current
beliefs based on information currently available to management. Such statements
involve estimates and assumptions that are subject to a number of known and
unknown risks, uncertainties and other factors inherent in the business of RTG
and the risk factors discussed in the Annual Information Form and other
materials filed with the securities regulatory authorities from time to time
which may cause the actual results, performance or achievements of RTG to be
materially different from any future results, performance or achievements
expressed or implied by such forward looking statements. Those risks and
uncertainties include, but are not limited to: the mining industry (including
operational risks; risks in exploration, and development; the uncertainties
involved in the discovery and delineation of mineral deposits, resources or
reserves; and the uncertainty of mineral resource and mineral reserve
estimates); the risk of gold, copper and other commodity price and foreign
exchange rate fluctuations; the ability of RTG to fund the capital and operating
expenses necessary to achieve the business objectives of RTG; the uncertainty
associated with commercial negotiations and negotiating with foreign
governments; the risks associated with international business activities
including disputes with joint venture partners; risks related to operating in
Zambia and Nigeria; environmental risk; the dependence on RTG's key personnel;
and the ability of RTG to access capital markets.
Readers are cautioned not to place undue reliance on these forward looking
statements, which speak only as of the date the statements were made and readers
are advised to consider such forward looking statements in light of the risks
set forth above. Except as required by applicable securities laws, RTG assumes
no obligation to update or revise any forward looking statements to reflect new
information or the occurrence of future events or circumstances.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state
securities laws and may not be offered or sold within the United States, unless
an exemption from such registration is available."
- END -
For further information, please visit www.africaneagle.co.uk or contact:
African Eagle Resources plc
Robert McLearon, Managing Director
+44 20 7248 6059
Strand Hanson Limited (NOMAD)
Stuart Faulkner
Angela Hallett
James Dance
+ 44 20 7409 3494
Ocean Equities Limited (Broker)
Guy Wilkes
+44 20 7786 4370
About African Eagle
African Eagle Resources plc is listed on the AIM Market of the London Stock
Exchange (AFE) and Johannesburg AltX (AEA) stock exchanges.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Eagle Resources PLC via Thomson Reuters ONE
[HUG#1726184]
Unternehmensinformation / Kurzprofil:
Datum: 30.08.2013 - 12:29 Uhr
Sprache: Deutsch
News-ID 292501
Anzahl Zeichen: 10702
contact information:
Town:
London,
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 188 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"African Eagle Resources PLC"
steht unter der journalistisch-redaktionellen Verantwortung von
African Eagle Resources PLC (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
