Disposal of investment interest
20 Agosto 2009 - 8:00AM
UK Regulatory
TIDMPRL TIDMBKY
RNS Number : 7379X
Polo Resources Limited
20 August 2009
For immediate release
20 August 2009
Polo Resources Limited
("Polo" or the "Company")
Disposal of shares in Berkeley Resources Ltd
Polo Resources (AIM:PRL), the AIM listing company with uranium and coal
interests in Africa, Australia, Europe and Asia, announces that it has disposed
of 8,221,893 ordinary shares in Berkeley Resources Ltd ("Berkeley") for
A$8,484,276.41, representing 6.66 per cent of Berkeley's issued share capital.
Following this disposal Polo has an interest in 10,388,181 ordinary shares in
Berkeley as well as options over a further 5,670,037 ordinary shares.
The funds received from the disposal will be used to meet Polo's liquidity
requirements and provide resources to focus on other value adding uranium
opportunities.
Neil Herbert, Managing Director of Polo Resources, said: "Polo remains
supportive of Berkeley Resources with the substantial resource base at the
Salamanca Regional Uranium Project well placed to deliver into the forecast
uranium production shortfall for a relatively small capital investment."
Polo does not presently anticipate making any further sales of Berkeley shares.
Contacts:
+--------------------------------------------------+------------------------+
| Polo Resources Limited | + 27 82 404 36 37 |
| Neil Herbert, Managing Director | |
| | |
+--------------------------------------------------+------------------------+
| Canaccord Adams Limited | + 44 (0) 20 7050 6500 |
| Mike Jones / Ryan Gaffney | |
| | |
+--------------------------------------------------+------------------------+
| Financial Dynamics | + 44 (0) 20 7831 3113 |
| Ben Brewerton / Ed Westropp | |
| | |
+--------------------------------------------------+------------------------+
About the Company
Polo is an emerging energy company focused on acquiring and developing advanced
stage uranium and coal properties. For complete details on Polo Resources
Limited, management encourages investors and interested parties to view its
public documents filed on AIM Exchange at www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for
the adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the
information contained herein. All statements, other than statements of
historical fact, in this news release are forward-looking statements that
involve various risks and uncertainties, including, without limitation,
statements regarding potential values, the future plans and objectives of Polo
Resources Limited. There can be no assurance that such statements will prove to
be accurate, achievable or recognizable in the near term. Actual results and
future events could differ materially from those anticipated in such statements.
These and all subsequent written and oral forward-looking statements are based
on the estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Polo Resources Limited
assumes no obligation to update forward-looking statements should circumstances
or management's estimates or opinions change.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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