Wetar Restructure
21 Gennaio 2011 - 9:35AM
UK Regulatory
TIDMFND
For Release: 21 January 2011
Finders Restructures Ownership of Wetar Project
Finders Resources Limited has moved to restructure its ownership of the Wetar
project by moving to 100% ownership of Banda Minerals Pty Ltd (Banda) through
the acquisition of the remaining shares in Banda from its local Indonesian
partner PT Batutua Kharisma Permai (BKP). The transaction increases Finders'
economic interest in the project, better aligns the interests of our local
partner with existing shareholders and provides tax benefits. It is also an
important step in a broader restructuring of the project as the company
approaches commercial production.
As Finders' local partner, BKP is the legal holder of the Wetar mining
tenements, held a minority interest in Banda and was entitled to a royalty on
the Wetar project equal to 5% of net profits. As at 31 December 2010, BKP's
interest in Banda had been diluted to 3.7% through project expenditure. Finders
has acquired the minority interest in Banda for a payment of US$675,000 as well
as the issue of 2,000,000 Finders shares. The Finders shares to be issued are
subject to vesting conditions relating to the issuance of permits required for
commencement of operations.
In addition and to ensure compliance with the new Indonesian mining regulations,
Finders has reached commercial agreement to merge BTR with BKP to move to full
ownership of the mining tenements and extinguish the royalty. In exchange, BKP's
shareholders will be entitled to a 5% interest in the merged entity, with
Finders holding a 95% interest. Finders is currently reviewing the legal and
taxation mechanics of the merger and will develop a timetable to complete the
transaction in due course.
For further information please contact
Finders Resources Ltd:
Russell Fountain, Chairman, +61 2 9211 8299
Chris Farmer, Managing Director, info@findersresources.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Finders Resources Limited via Thomson Reuters ONE
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