Reabold Resources PLC Investee Company Update (2482L)
July 17 2017 - 5:58AM
UK Regulatory
TIDMRBD
RNS Number : 2482L
Reabold Resources PLC
17 July 2017
For immediate release 17 July 2017
REABOLD RESOURCES PLC
"Reabold" or the "Company"
Investee Company Update: San Jose Lithium-Tin Project
Reabold Resources Plc (LSE AIM:RBD) provides an update on its
investment in the advanced San Jose Lithium-Tin Project in Spain
(the "Project").
The Project is a Joint Venture between Plymouth Minerals
Limited's ("Plymouth" ASX:PLH) subsidiary Tonsley Mining Pty
Limited ("Tonsley") and Sacyr, S.A,, the IBEX 35 Spanish listed
multinational infrastructures and services company. Tonsley has the
right to earn a 75% interest in the Project by spending EUR1.5
million for a first stage 50%, then EUR2.5 million for the
additional 25%, to be funded Plymouth.
On 19 April 2007, Reabold announced the acquisition of a 2.0%
interest in Tonsley for a consideration of AUD$500,000
(GBP300,000).
Reabold advises that, in accordance with the terms of the
investment agreement, it has delivered to Plymouth a Notice of
Exercise of Put Option in respect of Reabold's interest in Tonsley,
whereby Reabold will transfer back to Plymouth its shares in
Tonsley in consideration of receipt of A$500,000, payable on 18
July 2017.
Whilst the Tonsley investment represented an interesting
opportunity for Reabold, it was decided that this would not form a
long term asset for Reabold and therefore that Reabold should
exercise its put option and redeploy the money on other
investments.
For further information please contact:
Reabold Resources plc
Jeremy Edelman +44 (0) 207 440 0640
Antony Samaha
Beaumont Cornish Limited (Nomad)
www.beaumontcornish.com
Roland Cornish/ James Biddle/ Felicity Geidt +44 (0) 20 7628 3396
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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