Kennedy Ventures PLC Acquisition Update (9770Z)
December 17 2014 - 2:00AM
UK Regulatory
TIDMKENV
RNS Number : 9770Z
Kennedy Ventures PLC
17 December 2014
17(th) December 2014
Kennedy Ventures plc
Acquisition Update
Kennedy Ventures plc ("Kennedy Ventures") notes the
announcement, which is copied below, made by Magnum Mining and
Exploration Limited ("Magnum") regarding the Tantalite Valley
Project ("TV Project") in Namibia, a mine which it is intended will
be brought back into production of tantalite, used in the
production of tantalum.
On 4(th) August 2014, Kennedy Ventures announced the signing of
a conditional agreement for the acquisition of 75% of African
Tantalum (Pty) Limited ("Aftan"). Prior to this, Aftan signed a
conditional agreement with Magnum to acquire 60% of the TV
Project.
The proposed acquisition of 75% of Aftan continues to progress
satisfactorily and completion is expected in the New Year.
Ends
"Execution of long form SPA for sell-down of Tantalite Valley
Project
On 31 July 2014 Magnum Mining and Exploration Limited ('Magnum')
announced the execution of a binding Heads of Agreement with
African Tantalum (Pty) Ltd (Aftan) for the 60% sell-down of, and
creation of a joint venture in respect of, Magnum's Tantalite
Valley Project (TVProject) located in Namibia (Sell-Down).
Magnum is pleased to announce that it has now entered into a
long form sale and purchase agreement in respect of the Sell-Down
(SPA). Under the SPA the Sell-Down remains conditional upon, among
other things, execution of shareholders' agreements that will
govern Magnum and Aftan's joint holdings in the companies
comprising the TV Project from completion under the SPA.
The deadline for satisfaction of the conditions has been
extended to 23 January 2015 to accommodate any delays arising over
the holiday season."
Ends
For further information, please contact:
Kennedy Ventures plc
Giles Clarkec/o Billy
Clegg +44 (0) 020 3757 4983
Cenkos Securities plc
Derrick Lee / Alan Stewart +44 (0) 131 220 6939
Peterhouse Corporate Finance
Peter Greensmith +44 (0) 207 469 0935
Camarco
Billy Clegg / Georgia
Mann +44 (0)20 3757 4983
This information is provided by RNS
The company news service from the London Stock Exchange
END
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