Carpentaria Exploration Limited (ASX:CAP) Announces Withdrawal Of Takeover Proposal From Australia Conglin International Investment Group
Brisbane, July 16, 2010 AEST (ABN Newswire) - On 13 July 2010, Carpentaria Exploration Limited (Carpentaria) signed a conditional non-binding and indicative letter with Australia Conglin International Investment Group Pty Ltd (Conglin) pursuant to which Conglin proposed to make a takeover bid to acquire all of the shares in Carpentaria not already owned or controlled by Conglin (Proposal).
On the basis of that letter, and in good faith, Carpentaria on 13 July 2010 entered into a Confidentiality and Exclusivity Deed with Conglin. (Deed). Carpentaria is no longer bound by the terms of this Deed.
As part of its evaluation of the Proposal, Carpentaria had a number of discussions with Conglin including discussions regarding the price at which the Carpentaria Board would recommend the Proposal to its shareholders.
At approximately 7:00 p.m. on 15 July 2010, Carpentaria received a letter from Conglin advising that they had decided not to proceed with the Proposal. No reasons were given regarding their decision not to proceed.
The withdrawal of this Proposal allows Carpentaria to continue with its successful exploration campaigns on its projects including drilling, scoping and pre-feasibilty work at the Hawsons Iron Project, and soon to commence drilling at the Euriowie Tin project and Panama Hat Gold project.
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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