CRHL Creat Res Ld

TIDMCRHL

RNS Number : 1389U

Creat Resources Holdings Ltd

16 December 2011

Creat Resources Holdings Limited

("CRHL" or "the Company")

SECURED LOAN AGREEMENT WITH CREAT GROUP

Creat Resources Holdings Limited (the "Company") (AIM: CHRL) is pleased to announce that it has entered into a further loan agreement (the "Loan") with Creat Group Company Limited ("Creat Group") for the amount of A$1,000,000, with a first installment drawdown of $300,000 on or before 30 December 2011 to assist with the working capital requirements of the Company and to progress its exploration programme.

The Loan, which is secured by fixed and floating charges over certain of the Company's assets, carries an interest rate of 9%, is repayable within twelve months of drawdown or as otherwise agreed by Creat Group and the Company.

As a major shareholder, Creat Group has indicated to the Company that it is committed to supporting the Company to progress planned exploration plans.

In accordance with Rule 13 of the AIM Rules, the Loan is a related party transaction, and the independent directors, having consulted with the Company's Nominated Adviser, consider that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

For further information please visit www.creatresources.com or contact:

 
 Creat Resources Holdings Limited               Tel: +852 2511 6022 
 Katy Wu 
 Business Development Manager 
 
 Evolution Securities Limited (Nominated        Tel: +44 20 7071 4300 
  Adviser) 
  Evolution Securities China Limited (Broker) 
 Tim Worlledge 
 Esther Lee 
 
 First City (China) Limited 
  Public Relations Adviser 
 Lei Jiang                                      Tel: +852 2854 2666 
 Simon Hudson                                   Tel: +44 20 7920 3170 
 

About Creat Resources Holdings Limited

CRHL is an early stage mining exploration company holding 4 Exploration Licences and 3 Retention Licences covering 109 square kilometres around the mineral rich Zeehan area in western Tasmania. CRHL also has a strategy of acquiring assets in interesting resources companies that complement or supplement the Company's exploration activities. CRHL is a major shareholder of Galaxy Resources Ltd ("Galaxy") with an interest of 11.78% shareholding. Galaxy is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange (Code: GXY) and is a S&P/ASX 300 Index Company. Galaxy plans to be one of the world's largest lithium carbonate producers and is positioning itself to be involved in every step of the lithium supply chain.

This information is provided by RNS

The company news service from the London Stock Exchange

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