Acquisition Update

RNS Number : 9770Z

Kennedy Ventures PLC

17 December 2014

 



17^th December 2014

Kennedy Ventures plc

Acquisition Update

Kennedy Ventures plc ("Kennedy Ventures") notes the announcement, which is copied below, made by Magnum Mining and Exploration Limited ("Magnum") regarding the Tantalite Valley Project ("TV Project") in Namibia, a mine which it is intended will be brought back into production of tantalite, used in the production of tantalum. 

On 4^th August 2014, Kennedy Ventures announced the signing of a conditional agreement for the acquisition of 75% of African Tantalum (Pty) Limited ("Aftan").  Prior to this, Aftan signed a conditional agreement with Magnum to acquire 60% of the TV Project.

The proposed acquisition of 75% of Aftan continues to progress satisfactorily and completion is expected in the New Year.

Ends

"Execution of long form SPA for sell-down of Tantalite Valley Project

On 31 July 2014 Magnum Mining and Exploration Limited ('Magnum') announced the execution of a binding Heads of Agreement with African Tantalum (Pty) Ltd (Aftan) for the 60% sell-down of, and creation of a joint venture in respect of, Magnum's Tantalite Valley Project (TVProject) located in Namibia (Sell-Down).

Magnum is pleased to announce that it has now entered into a long form sale and purchase agreement in respect of the Sell-Down (SPA).  Under the SPA the Sell-Down remains conditional upon, among other things, execution of shareholders' agreements that will govern Magnum and Aftan's joint holdings in the companies comprising the TV Project from completion under the SPA.

The deadline for satisfaction of the conditions has been extended to 23 January 2015 to accommodate any delays arising over the holiday season."

Ends

For further information, please contact: Kennedy Ventures plc
Giles Clarkec/o Billy Clegg	[phone]
Cenkos Securities plc
Derrick Lee / Alan Stewart	[phone]
Peterhouse Corporate Finance
Peter Greensmith	[phone]
Camarco
Billy Clegg / Georgia Mann	[phone]

 

END

 

 

MSCGGGCCPUPCPGQ