Krucible Sale of Phosphate Assets on Track
September 06, 2013 (Source: Krucible Metals Limited) — Krucible Metals Limited (“Krucible”, “Company”) wishes to advise the market that the Company’s sale of phosphate assets to Australia New Agribusiness & Chemical Group (“ANB”), previously Daton Group Australia Ltd, is proceeding according to the terms of the Sale and Purchase Agreement (“SPA”) announced on 27 May 2013.
The SPA between Krucible and ANB was structured to allow sufficient time to complete a series of Conditions Precedent (“CP”). Those CP’s required Krucible’s shareholders to approve the sale, for Krucible to comply with ASX listing rules, for the Company to acquire the residual equity in its Pilgrim tenement from Deep Yellow Ltd and for the Company to execute the necessary Indicative Title Transfer documentation for each tenement being sold. Krucible has completed all of those tasks as was announced on 31 July 2013. In addition ANB has a number of tasks to do towards completing the CP’s including its deference to shareholders, compliance with ASX listing rules and ANB’s part of the Indicative Title Transfer documentation. ANB has been active on these tasks and advising Krucible of progress.
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The period allowed within the terms of the SPA for completing the CP’s was between 24 August 2013 and 22 October 2013. ANB have indicated to Krucible that they intend to Complete the SPA on or before 22 October 2013 and earlier if their work towards the CP’s is completed earlier. Indications are now that the completion of the SPA is likely to be closer to the latter date.
ANB announced in its half year report on 30 August 2013:
“In May 2013 Australia New Agribusiness & Chemical Group Ltd (“New Agri Group”) signed a contract to acquire from Krucible Metal Ltd phosphate bearing tenements for $12 million, which consists of the Korella trial mining lease, six exploration leases and five exploration applications. A deposit of $960,000 was made to Krucible after the execution of the purchase agreement.”
About Krucible Metals Limited:
Listed on Australia’s main stock exchange since 2007, Krucible is an Australian-based resources company with an enviable history of discovery in phosphorus and rare earths as well as other elements. Krucible continues to explore for precious metals, base metals and others, and is transitioning to a combined exploration and mining company. Krucible has plans and expectations to ultimately enter joint ventures to develop mines on its tenements in the mineral rich Mount Isa area of Northwestern Queensland. Krucible has a strong industry-based board and management, who promote aggressive value-added mining projects.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>