Source - RNS
RNS Number : 3054R
Polo Resources Limited
13 June 2018
 

13th June 2018

 

 

 

Polo Resources Limited

 

("Polo" or the "Company")

 

 

WEATHERLY INTERNATIONAL PLC - INVESTMENT UPDATE

 

BERG AUKAS UPDATE

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 provided an update on the Berg Aukas acquisition.

Further to the announcements of 5 February 2018 and 26 April 2018, Weatherly has announced that it has received regulatory approval, from the Namibian Competition Commission, in relation to its acquisition of a further 65% interest in China Africa Resources Namibia Limited ("CARN") (the "Acquisition").

All conditions precedent to the Acquisition have therefore now been satisfied and the Acquisition has therefore completed in accordance with the terms of the binding agreement between Weatherly and Hong Kong East China Non-Ferrous Mineral Resources Co Ltd.

Accordingly, Weatherly now has a 90% interest in CARN, which owns 100% of the high-grade Berg Aukas underground zinc-lead-vanadium project near Grootfontein.

Weatherly remains in administration and its ordinary shares remain suspended from trading on AIM. 

Details of the updated Berg Aukas Pre-Feasibility Study are available in Weatherly's 26 April 2018 announcement and further details of the announcements mentioned above can be found at http://weatherlyplc.com/.

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, , Camilla Horsfall, Simon Woods

+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.

 

 

 


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