6th May 2009 10:46
Wednesday 6 May 2009
Polo Resources Limited ("Polo" or the "Company")
Polo acquires significant interest in A-Cap Resources
further expanding its uranium interests
Polo Resources (AIM: PRL), the mining and investment company with interests in coal and uranium, announces that it has signed a subscription agreement with A-Cap Resources Ltd (ASX:ACB) ("A-Cap") subject to which it will acquire up to 31,888,770 new ordinary shares representing 19.9% of the enlarged share capital of A-Cap for an investment of A$6,377,754 as part of a share placement by A-Cap of 50 million new Fully Paid Ordinary Shares at an issue price of 20 cents (A$0.20) per share raising A$10 million. This placement has been arranged and managed by independent Australian stockbroking firm, BGF Equities Pty Ltd.
The placement will be completed in two stages with the majority of the placement subject to A-Cap shareholder approval at a general meeting to be held on or about 17 June 2009. Under the terms of the placement Polo Resources will be invited to nominate one Board member to the A-Cap Board of Directors.
A-Cap intends to use the funds raised to advance the Letlhakane Uranium Project in Botswana, including the completion of a Feasibility Study and further exploration with the objective of increasing the resource base of the project. A-Cap has previously announced an Inferred Resource for the Letlhakane Uranium Project comprising 280 Million tonnes at a grade of 158ppm U3O8 for 98 million pounds of U3O8 (44,500 tonnes) a cut off grade of 100ppm.
Contacts:
|
Polo Resources Limited Neil Herbert, Executive Deputy Chairman |
+ 27 82 404 36 37 |
|
Canaccord Adams Limited Mike Jones/Ryan Gaffney |
+ 44 (0) 20 7050 6500 |
|
Financial Dynamics Ben Brewerton / Ed Westropp |
+ 44 (0) 20 7831 3113 |
About the Company
Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium 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
Related Shares:
POL.L