Leyshon Resources Limited Termination of Heads of Agreement (9469C)
23 Janvier 2015 - 8:00AM
UK Regulatory
TIDMLRL
RNS Number : 9469C
Leyshon Resources Limited
23 January 2015
Leyshon Resources Limited
AIM Release
23 January 2015
Termination of Heads of Agreement for Proposed Acquisition and
Corporate Update
Leyshon Resources Limited (AIM/ASX: LRL) ("Leyshon Resources" or
the "Company") refers to its announcement on 20 November 2014
regarding Heads of Agreement for a proposed transaction with
International Tungsten Services Limited ("ITS"). The Company wishes
to advise that it is no longer pursuing the transaction with ITS
due to a number of factors including, declining tungsten prices and
the expanding project timetable, which has resulted in the proposed
transaction ceasing to meet the Company's financial return
objectives.
As previously announced, the Company provided an initial
unsecured working capital facility to ITS of US$500,000. This
facility was subsequently increased by US$120,000 and the aggregate
loan of US$620,000 is due for repayment in accordance with its
terms by 26 December 2015.
The Company will continue to actively pursue investment
opportunities in the resources sector which are in line with the
Company's stated investing policy. The Company's strategic
objective is to identify projects that have a clear pathway to
production or monetization and can generate high returns to
shareholders. This will be achieved by leveraging the in-house
expertise and track-record in identifying, acquiring, financing,
developing and operating resource projects, and un-locking value.
The Company's plan is to identify advanced or brown-field assets
which have a high probability of being re-rated in the listed
market.
Whilst the overall investment climate in the resources sector
continues to be very difficult, asset valuations are currently
substantially discounted, which we believe provides an attractive
investing opportunity at the bottom of the investment cycle. A
number of opportunities are currently being studied and the Company
retains a strong cash position with working capital of A$1.6
million. The Company will continue to keep the market informed of
any material developments as they occur.
The shares of Leyshon Resources have been suspended from trading
on the Australian Securities Exchange ("ASX") since 14 July 2014
and will remain suspended.
On 20 November 2014, the shares of Leyshon Resources were also
suspended from trading on the announcement of the proposed
transaction with ITS (which constituted a possible reverse
takeover). As the Company is an investing company subject to AIM
Rule 15, and it has not implemented its investing policy or
completed an acquisition which constitutes a reverse takeover under
the AIM Rules for Companies within 12 months of becoming as
investing company, trading of the Company's shares on the AIM
Market will remain suspended pending implementation of its
investing policy or completion of an acquisition which constitutes
a reverse takeover. In the event that the Company is unable to
implement its investing policy or complete an acquisition which
constitutes a reverse takeover within six months of this
announcement, admission of the Company's shares to trading on the
AIM Market will be cancelled in accordance with AIM Rule 41.
The Company envisages the shares will remain suspended on the
ASX and AIM Market until such time as the Company completes a
transaction and seeks re-compliance for listing on the ASX and
re-admission to AIM Market.
For further information please contact:
Leyshon Resources Limited
Corey Nolan - Managing Director
Tel: +61 7 3221 7770
admin@leyshonresources.com
RFC Ambrian Limited
Samantha Harrison (Nominated Adviser)
Kim Eckhof (Corporate broking)
Tel: +44 (0)203 440 6800
http://www.leyshonresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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