Tri-Star Resources PLC Conditional sale of IPR for up to $6 million (2958P)
05 June 2015 - 4:00PM
UK Regulatory
TIDMTSTR
RNS Number : 2958P
Tri-Star Resources PLC
05 June 2015
Tri-Star Resources plc ("Tri-Star" or the "Company")
Conditional sale of Intellectual Property Rights for up to $6
million
5 June 2015
Tri-Star, the AIM quoted company developing an antimony
processing facility in Oman, announces that it has agreed the
conditional sale of certain intellectual property rights ("IPR") to
Strategic & Precious Metals Processing LLC ("SPMP"), a company
registered in the Sultanate of Oman and of which Tri-Star owns
40%.
The sale, which is being effected by way of an assignment of IPR
to SPMP covers all Tri-Star's developed and proprietary
intellectual property rights relating to clean antimony concentrate
roasting and the related clean roasting of refractory gold.
The transaction is conditional on SPMP achieving financial close
of its Oman Antimony Roaster Project ("OAR"), a 20,000 tonne per
year antimony roasting facility being developed in Sohar, Oman.
Financial close will be the entry by SPMP into a definitive
facility agreement with respect to the debt financing of the
project and other closing funding conditions as set out in the SPMP
shareholders' agreement.
The consideration for the sale of IPR is up to US$6.0 million in
cash payable by SPMP, of which:
- US$2.0 million is payable on financial close of the OAR;
- US$2.0 million is payable on the receipt of certain third
party reports to be delivered to SPMP relating to the commercial
and technical viability of the technology as it relates to
refractory gold processing; and
- US$2.0 million is payable on the commissioning of an antimony
roasting pilot plant planned to be part of the overall OAR.
Under Tri-Star's accounting policies, the costs of developing
the IPR subject to the sale have been expensed as incurred and so a
book value of GBPnil is attributed in the accounts of Tri-Star.
The net cash receipts of the sale will amount to up to US$3.6
million (approximately GBP2.35 million) being the maximum sales
receipts of US$6.0 million less Tri-Star's 40% equity funding
commitment to SPMP. These funds will be applied to finance
Tri-Star's equity commitment to the OAR and for general corporate
purposes.
Enquiries:
Tri-Star Resources plc Tel: +44 (0)
Emin Eyi, Managing Director 20 3470 0470
Guy Eastaugh, Chief Financial
Officer
SP Angel Corporate Finance (Nomad Tel: +44 (0)
and Broker) 20 3470 0470
Robert Wooldridge / Katy Birkin
FORWARD LOOKING INFORMATION
This press release may contain "forward-looking information", as
defined under applicable Canadian securities laws. Forward-looking
information typically contains statements that relate to future,
not past, events and often contains words such as "anticipate",
"believe", "plan", "estimate", "expect", and "intend", statements
that an action or event "may", "might", "could", "should", or
"will" be taken or occur, or other similar expressions. There can
be no assurance that the forward-looking information contained in
this report will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information.
All statements, other than statements of historical fact,
included in this press release including, without limitation,
relating to the OAR (as defined), the Company's intentions with
respect to a gold roasting facility and plans for its mineral
properties, constitute forward-looking information. Forward-looking
information is based on a number of factors and assumptions which
have been used to develop such information but which may prove to
be incorrect, including, but not limited to, assumptions in
connection with the ability to deliver any of the outcomes referred
to in respect of the OAR, the ability to complete construction of
the OAR, the availability of financing for the cost of the OAR on
acceptable terms, or likewise any facility that might process
refractory gold, and general economic and market conditions.
Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
information. Such factors include, among others, risks associated
with changes in laws applicable to the OAR, the ability to raise
finance on acceptable terms for any of the projects or facilities
mentioned, the volatility of commodity and raw material prices,
currency exchange rates and interest rates, global economic
conditions and the additional risks identified in this press
release or other reports and filings with applicable securities
regulators. Forward-looking information in this press release is
based on the Directors' beliefs, estimates and opinions on the date
of this press release and the Company does not undertake to update
publicly or revise the forward-looking information contained in
this press release, except as required by applicable securities
laws.
Any financial outlook or future-oriented financial information
in this press release, as defined by applicable Canadian securities
laws, has been approved by the Directors as of the date of this
press release. Such financial outlook or future oriented financial
information is provided for the purpose of providing information
about the Company's current expectations and plans relating to the
future. Readers are cautioned that such outlook or information
should not be used for purposes other than for which it is
disclosed in this press release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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