Kennedy Ventures PLC Completion of Acquisition of Tantalite Mine (4379D)
January 29 2015 - 2:01AM
UK Regulatory
TIDMKENV
RNS Number : 4379D
Kennedy Ventures PLC
29 January 2015
29 January 2015
Kennedy Ventures plc
Completion of Acquisition of Namibian Tantalite Mine
Kennedy Ventures plc ("Kennedy Ventures" or the "Company") is
pleased to provide an update regarding the Company's acquisition of
75% of African Tantalum (Pty) Limited ("Aftan"), (the
"Transaction").
As previously announced, Aftan had signed a conditional
agreement with Magnum Mining and Exploration Limited ("Magnum") to
acquire 60% of 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, within
six months of completion of the Transaction.
The Company can now confirm thatall conditions associated with
the Transaction have now been met and formal completion is expected
to occur on 2 February 2015.
The total consideration of R12m (GBP0.66m), R4m (GBP0.22m) will
be satisfied through the issuance of 4,523,113 Ordinary Shares in
Kennedy Ventures at a price of 4.9p per share (the "Consideration
Shares") and the remainder through a loan of R8m (GBP0.44m).
Application for admission of the Consideration Shares to trading
on AIM ("Admission") has been made and Admission is expected to
occur on 3 February 2015.
Following Admission of the Consideration Shares the total issued
share capital of the Company will be 75,621,113 Ordinary Shares,
each with voting rights.
The Company does not currently hold any shares in treasury.
Accordingly, this figure of 75,621,113 Ordinary Shares may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FSA's Disclosure and
Transparency Rules.
Giles Clarke, Chairman of Kennedy Ventures said:
"We are pleased to have completed the first step in our plan to
build Kennedy Ventures into a material producer of the highest
grade of tantalum, which is used as a capacitor in almost every
modern electronic device. Importantly, our mine will be certified,
allowing electronics companies around the world to comply with the
US conflict mineral regulations. As a result of these regulations,
the price of tantalite has been very robust over the last five
years.
"We plan to quickly bring the mine into production, generate
cash and then grow Kennedy Ventures into a material producer of
tantalum."
For further information, please contact:
Kennedy Ventures plc
Giles Clarke/ Nick
Harrison c/o Billy +44 (0) 020 3757
Clegg 4983
Cenkos Securities plc
Derrick Lee / Alan +44 (0) 131 220
Stewart 6939
Peterhouse Corporate Finance
+44 (0) 207 469
Peter Greensmith 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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