Richland Resources Ltd Completion of Disposal of Capricorn Sapphire (4678Y)
02 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMRLD
RNS Number : 4678Y
Richland Resources Ltd
02 January 2020
2 January 2020
Richland Resources Ltd
("Richland" or the "Company")
Completion of Disposal of the Capricorn Sapphire Project
Richland (AIM: RLD) is pleased to announce that, further to its
announcements of 18 July, 22 July, 19 August, 31 October, 18
November, 2 December, 9 December, 16 December and 23 December 2019
in relation to the proposed disposal to Fura Gems Inc. ("Fura") of
its wholly owned subsidiary Richland Corporate Ltd, the holder of
the Capricorn Sapphire Project (and the Company's loans to Richland
Corporate Ltd) (the "Disposal"), the Disposal completed on 31
December 2019 (the "Completion Date").
Accordingly, Fura has paid the total cash consideration of
US$1,250,000 (approximately GBP952,125) due under the Disposal (the
"Consideration"), of which US$880,000 (approximately GBP670,296)
has been paid directly to the Lender in order to settle the total
amount outstanding under the Company's pre-existing Secured
Convertible Loan Facility (including all accrued interest). The
balance of the Consideration will be utilised by the Company to pay
transaction costs and certain other outstanding creditors and to
provide additional working capital as the Company seeks to identify
a suitable reverse takeover transaction in the mining sector.
AIM Rule 15 Cash Shell Status
Pursuant to the successful completion of the Disposal, the
Company has become an AIM Rule 15 cash shell and, as such, is
required to make an acquisition, or acquisitions, which constitutes
a reverse takeover under AIM Rule 14 (including seeking
re-admission under the AIM Rules for Companies) within six months
from the Completion Date. Alternatively, within such time period,
the Company can seek to become an investing company pursuant to AIM
Rule 8, which requires, inter alia, the raising of at least GBP6
million and publication of an admission document. In the event that
the Company does not complete a reverse takeover under AIM Rule 14
within such six month period or seek re-admission to trading on AIM
as an investing company pursuant to AIM Rule 8 (either being, a
"Re-admission Transaction"), the Company's common shares would be
suspended from trading pursuant to AIM Rule 40. Thereafter, if a
Re-admission Transaction has not been completed within a further
six month period, admission to trading on AIM of the Company's
common shares would be cancelled.
Capitalised terms used in this announcement, unless otherwise
defined herein, have the same meanings as set out in the Company's
announcement of 27 June 2019.
For further information, please contact:
Anthony Brooke Edward Nealon Mike Allardice
Chief Executive Officer Chairman Group Company Secretary
+66 81 854 1755 +61 409 969 955 +852 91 864 854
Nominated Adviser Broker
Strand Hanson Limited Peterhouse Capital Limited
James Harris Duncan Vasey / Lucy Williams
Matthew Chandler (Broking)
James Bellman Eran Zucker (Corporate
+44 (0) 20 7 409 3494 Finance)
+44 (0) 20 7 469 0930
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Note to Editors:
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISFLFEALSILIII
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January 02, 2020 02:00 ET (07:00 GMT)
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