| Final Agreements signed with Yankuang | |
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BAUXITE RESOURCES PTY LTD
BAUXITE RESOURCES LIMITED
FINAL AGREEMENTS SIGNED WITH YANKUANG FOR SALE OF JOINT VENTURE INTEREST AND BUY-BACK OF SHARES
Bauxite Resources Limited ('BRL') advises the final agreements were signed today with Yankuang Resources Pty Ltd (Yankuang) and Yankuang Group Company Ltd ('YGL')') for the sale of Bauxite's interest in the Bauxite Alumina Joint Venture, and the Buy-back of Yankuang's shares.
The transaction is conditional on BRL Shareholder approval and State-Owned Assets Supervision and Administration Commission of the Peoples Republic of China ('SASAC') approvals.
BRL will plan to hold an Extraordinary General Meeting to seek shareholders approval of the transaction on Monday 18th January 2016, and it is expected completion will occur shortly after this date once final approvals are received.
KEY TERMS OF THE TRANSACTION
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The joint ventures with Yankuang will be terminated;
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Yankuang will pay BRL the sum of A$7.15 million for its interests in the assets of the joint ventures, including its shareholding in Bauxite Alumina Joint Ventures Pty Ltd ('BAJV'), and for its interests in the Fortuna bauxite rights;
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BRL will buy back Yankuang's 19,700,000 shares in BRL for the sum of
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Yankuang and BAJV will pay BRL a royalty of 0.9% of the FOB price for the first 100 million tonnes of bauxite mined from the Fortuna and Felicitas tenements;
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BRL will transfer to Yankuang all its interest in the tenements that relate to the joint ventures;
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Subject to the agreement of the tenement holder, BRL will assign its rights in the Fortuna bauxite resource to Yankuang and in the event that the Fortuna tenement holder does not agree, then the royalty right referred to above will be reduced to the first 87 million tonnes; and
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Yankuang's nominee director will resign from the Board of BRL.
$1.15 million;
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DATE: 30 November 2015
ASX Code: BAU
BAUXITE RESOURCES LTD ABN: 72 119 699 982
DIRECTORS:
Robert Nash
Non Executive Chairman
Luke Atkins
Non Executive Director
Cunliang Lai
Non Executive Director
Neil Lithgow
Non Executive Director
Zhaozhong Wang
Non Executive Director
Sam Middlemas
Chief Executive Officer and Company Secretary
Head Office:
Level 2, Building E Garden Office Park
355 Scarborough Beach Rd Osborne Park WA 6017 Mail:
PO Box 1315
Osborne Park WA 6916 T: +61 8 9200 8200
F: +61 9 9200 8299
E: [email protected] W: www.bauxiteresources.com.au
Share Registry:
Security Transfer Registrars PO Box 535
Applecross WA 6953
T: +61 8 9315 2333
F: +61 8 9315 2233
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For further company details please visit www.bauxiteresources.com.au or contact:
Bauxite Resources Ltd Sam Middlemas, CEO Tel: (08) 9200 8200
Mb: 0419 936 040
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Bauxite Resources Ltd.
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CODE : BAU.AX |
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Bauxite Resources est une société développant des projet miniers basée en Australie. Bauxite Resources détient divers projets d'exploration en Australie. Ses principaux projets en exploration sont MUCHEA BAUXITE, KIMBERLEY BAUXITE et DARLING RANGE BAUXITE en Australie. Bauxite Resources est cotée en Australie. Sa capitalisation boursière aujourd'hui est 8,6 millions AU$ (5,8 millions US$, 5,3 millions €). La valeur de son action a atteint son plus haut niveau récent le 29 octobre 2010 à 0,39 AU$, et son plus bas niveau récent le 11 octobre 2019 à 0,04 AU$. Bauxite Resources possède 214 420 000 actions en circulation. |