Polo Resources Limited IRONSTONE RESOURCES - INVESTMENT UPDATE (9691W)
15 February 2017 - 10:06PM
UK Regulatory
TIDMPOL
RNS Number : 9691W
Polo Resources Limited
15 February 2017
15 February 2017
Polo Resources Limited
("Polo" or the "Company")
IRONSTONE RESOURCES - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate, iron
and vanadium, is pleased to announce that its investee company,
Ironstone Resources Limited ("Ironestone"), has signed a Letter of
Intent ("LOI") with Greatbanks Resources Ltd ('Greatbanks"), in
connection with the establishment of a joint venture company
("JVC").
Under the terms of the LOI, Ironstone and Greatbanks will
establish a newly incorporated JVC, to be held on a 50/50 basis,
for the development of lithium carbonate extracted from
Devonian-age lithium bearing brines that will be pre-concentrated
using a patented and exclusively licensed technology. The LOI
provides for the following key terms:
1. Greatbanks will commit to contribute up to C$2.0m to the JVC
over a term to be agreed to by the parties which will coincide with
the terms of commercial development for lithium carbonate;
2. Ironstone will contribute the rights to all metallic and
industrial minerals extracted from formation brines underlying
approximately 180,000 hectares of permits and leases in the Clear
Hills region of Alberta, Canada;
3. Both Ironstone and Greatbanks will each appoint one member to
the Board of the JVC and will mutually agree to an independent
Chairman; and
4. Ironstone will also convey a Technology License Agreement
held with a third-party company to the JVC. The Technology License
Agreement allows for the exclusive use and global distribution of a
proprietary process, branded LiREC(R), to rapidly and economically
pre-concentrate lithium from brines prior to the refinement into
lithium carbonate.
Ironstone and Greatbanks have agreed pursuant to the LOI to
enter into a definitive agreement in respect of the JVC on or
before February 24, 2017 (the "Target Date"). In addition,
Ironstone and Greatbanks intend to complete the requisite due
diligence in connection with this transaction on or before the
Target Date.
The proposed transaction contained will be subject to approval
by the TSX Venture Exchange and will also require the approval of
the shareholders of Greatbanks at a duly convened meeting that is
anticipated to be held on or before April 28, 2017.
Ironstone's primary assets include its poly-metallic
iron/vanadium rich ore and lithium rich formation brines in the
Clear Hills area of N.W. Alberta, Canada.
Greatbanks is a Toronto, Canada based mineral exploration
company focused on identifying producing assets and near term
production opportunities.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information, please contact:
Polo Resources Limited
Kudzayi Denenga, Investor
Relations ++27 (0) 787 312 919
ZAI Corporate Finance Ltd
(nominated adviser)
Ray Zimmerman, John Treacy ++44 (0) 20 7060 2220
Liberum Capital (broker)
Henry Freeman ++44 (0) 20 3100 2000
Blytheweigh (public relations)
Tim Blythe, Nick Elwes, Camilla
Horsfall ++44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, refer to: www.poloresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDGMGMZMKFGNZM
(END) Dow Jones Newswires
February 15, 2017 06:06 ET (11:06 GMT)
Polo Resources (LSE:POL)
Historical Stock Chart
From Apr 2024 to May 2024
Polo Resources (LSE:POL)
Historical Stock Chart
From May 2023 to May 2024