Polo Resources Limited WEATHERLY INTERNATIONAL PLC - INVESTMENT UPDATE (0087K)
April 05 2018 - 10:15AM
UK Regulatory
TIDMPOL
RNS Number : 0087K
Polo Resources Limited
05 April 2018
5 April 2018
Polo Resources Limited
("Polo" or the "Company")
WEATHERLY INTERNATIONAL PLC - INVESTMENT UPDATE
KITUMBA PURCHASE UPDATE AND LONG-TERM RESTRUCTURING
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its investee company,
Weatherly International Plc ("Weatherly") (AIM: WTI) has announced
that further to its announcements on 12 December 2017 and 2
February 2018, it has received a letter from Intrepid Mines Limited
("Intrepid") (ASX: IAU) requesting an extension of the backstop
date (being the next working day after 31 March 2018) which was
included in the binding agreement for the acquisition of the
Kitumba Project in Zambia (the "Backstop Date"). Following the
passing of the Backstop Date, Intrepid have requested an extension
to 30 April 2018. Weatherly confirms that it will seek to
positively engage with Intrepid regarding such extension and will
provide an update in due course.
Polo has been closely following the Kitumba Project acquisition
to ensure shareholders are fully informed and notes that Intrepid
also made an ASX announcement on 4 April 2018 explaining that the
"Backstop Date extension" was requested as they are still pursuing
regulatory approval from the Ministry of Mines in Zambia. This
approval appears to be the final step in the acquisition
process.
Following the company's confirmation on 3 April 2018 that it had
rescheduled debt repayments due on 31 March 2018, Weatherly
confirms that it continues to be involved in negotiations with
Orion Mine Finance (Master) Fund I LP ("Orion") to agree a
long-term restructuring of Weatherly's secured debt facilities with
Orion.
The full details of these announcements can be found at
http://weatherlyplc.com/ and further information is available at
http://intrepidmines.com.au.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor
Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
Liberum Capital (Broker)
- Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (Public relations)
- Tim Blythe, Nick Elwes,
Camilla Horsfall +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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