CRHL Creat Res Ld

TIDMCRHL

RNS Number : 6098C

Creat Resources Holdings Ltd

17 April 2013

Announcement of Partial Retirement of Debt

17 April 2013

Creat Resources Holdings Limited

("CRHL" or "the Company")

Reference is made to our Announcement dated 17 October 2012 and Circular to Shareholders dated 23 October 2012, whereby the Company announced that, together with its relevant subsidiary, it has entered into a conditional agreement (the "Agreement") with Australian Hualong Pty Limited to dispose of all the existing mining assets and that a portion of the funds raised would be used to reduce debt as required.

Creat Resources Holdings Limited is pleased to announce that on 16 April 2013, the Company negotiated a partial repayment of outstanding debt to its major creditor, Creat Group. The total amount of debt to be repaid is AUD$5,000,000. The funds, by agreement with Creat Group, are to be applied as principal only and in the order of priority:

   --    Highest interest loans first; 
   --    Longest overdue loans second; 

to a maximum of AUD$5,000,000.

Creat Group has also agreed to a quarantine of interest as at the date of repatriation of funds on those loans repaid with no further accumulation of interest until such time as the company is able to repay the interest component.

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

 
Creat Resources Holdings Limited     Tel: +61 3 6471 6228 
Morris R. Hansen, Company Secretary 
 
Daniel Stewart & Company             Tel: +44 20 77766550 
 Paul Shackleton 
James Thomas 
 

About Creat Resources Holdings Limited

CRHL is a mineral exploration and mining investing company which currently holds an investment as a major shareholder of Galaxy Resources Limited ("Galaxy") with an interest of 6.43%. Galaxy is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange (Code: GXY) and is an 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.

About Galaxy Resources Limited

Galaxy Resources Limited ("Galaxy") is a Western Australian S&P / ASX 300 Index company which plans to become one of the world's leading producers of lithium compounds - the essential component for powering the world's fast expanding fleet of hybrid and electric cars. Galaxy's Mt Cattlin mine aims to be the world's second largest producer of lithium mineral concentrate globally, and through the development of its 17,000 tpa lithium carbonate plant in Jiangsu province, Galaxy expects to be one of the largest and lowest cost lithium compound producers in China. Lithium compounds such as lithium carbonate are forecast to be in short supply against high future demand due to advances in long life batteries and sophisticated electronics including mobile phones and computers. Galaxy has positioned itself to meet this lithium future by not only mining the lithium, but also by downstream processing to supply lithium carbonate to the expanding Asian market.

This information is provided by RNS

The company news service from the London Stock Exchange

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