Ord River Resources Limited (ASX:ORD) Signs A 3 Year Term A$10 Million Subscription Agreement With China Non-Ferrous Metals International Mining Co. Ltd (CNMIM)
Sydney, Aug 27, 2009 AEST (ABN Newswire) - Ord River Resources Limited (ASX:ORD)(PINK:ORDRF) advises that it has signed a Subscription Agreement named "Equity Line Facility" ("the Facility") with China Non-Ferrous Metals International Mining Co. Ltd ("CNMIM") for A$10 million over the next three years.
Under the Facility, CNMIM shall subscribe for up to A$10 million over the next three years when required by ORD and upon mutual agreement. The funds will be used to fund projects, acquisition and general working capital. The subscribed shares will be priced at the volume weighted average price of ORD's ordinary shares quoted and traded on ASX during the 45 Business Days when the shares have traded prior to subscription.
The issue of shares will be conditional on CNMIM and ORD obtaining relevant regulatory approvals.
CNMIM is currently ORD's largest shareholder with a 7.5% holding.
ORD's Managing Director Peter Shou said, "this Facility is a key part of the overall capital management strategy the new leadership team has put in place to ensure ORD is in a strong financial position to develop its existing projects and seek out new quality projects. We are pleased to receive CNMIM's continuing support as ORD's largest shareholder. We are looking forward to working closely with CNMIM and other members of the China Non-Ferrous Metals Mining Group (CNMC)."
Profiles of CNMIM and CNMC
CNMIM's principal founding company is CNMC. The other 15 partners include 9 major nonferrous companies, 4 major geological survey centers and 2 integrated research institutes. CNMIM's operations include geological survey, scientific research, design, construction, production, trading and technical consulting service.
CNMC is one of the largest mining companies in China and the world. Main businesses include non-ferrous mineral resources development, construction, trade and technology related services. CNMC's overseas presence includes Zambia, Mongolia, Thailand, Myanmar, Middle East, Laos, Australia, USA, Canada and Western Europe. CNMC has investments and productions in copper, aluminum, lead, zinc, nickel, tantalum, niobium, beryllium and other nonferrous mining.
If you have any questions please contact Frank Zhu, Head of Corporate Development via investor.relations@ord.com.au.
About Vango Mining Limited
Vango Mining Limited (ASX:VAN) is a minerals exploration mining company with ambitions of becoming a high-grade WA gold miner by developing the 100% owned Marymia Gold Project (Marymia) in the mid-west region of Western Australia. The Project comprises 45 granted mining leases over 300km. It has an established high-grade resource of 1Moz @ 3g/t Au, underpinned by the Trident Deposit, whose resource is 410koz @ 8g/t Au, with immediate extensions open at depth/along strike.
The Marymia Project has the potential to become one of Australia's largest high-grade producers. The Greenstone Belt in the Marymia region includes six major gold corridors, which remain largely un-tested beyond 100m depth - supported with an extensive drilling and geophysical database. Previous mining between 1992-2001, produced 580,000 ounces of gold almost entirely from open-pits.
Vango is focused on growing its high-grade gold resource to support a proposed stand-alone gold mining and production operation at Marymia. The Project is located along strike, immediately to the north of Superior Gold's (CVE:SGI) Plutonic Gold Mine which has produced more than 5.5Moz of gold.
| ||
|
