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Creat Resources Hld (CRHL)

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Tuesday 20 September, 2011

Creat Resources Hld

Discharge of Share Pledge Provided for Galaxy

RNS Number : 5566O
Creat Resources Holdings Ltd
20 September 2011
 

Creat Resources Holdings Limited


("CRHL" or "the Company") 

Discharge of Share Pledge Provided for Galaxy Project Finance Facility

 

Creat Resources Holdings Limited (AIM: CRHL) announces the full discharge of the share pledge it announced on 16 September 2010 in support of a US$105 million project finance facility granted to ASX-listed Galaxy Resources Limited ("Galaxy") by China Development Bank and Austria's Raiffeisen Zentralbank Österreich AG (together, the "Banks"). Galaxy has repaid this facility, which was in place to support Galaxy's lithium carbonate processing facility at Zhangjiagang in Jiangsu Province, China, and replaced it with a loan from China Construction Bank ("CCB Loan").  Up to 19.99% of CRHL's shareholdings in Galaxy had previously been pledged to the Banks which now is fully discharged.  CRHL has no obligations under the new CCB Loan.

CRHL Chief Operations Officer Mr Rex Chow said: "Galaxy's repayment of the RZB/CDB facility is further good news not only in respect of its own development as a major integrated lithium producer but also for CRHL, which now has more flexibility for access to the market as and when suitable opportunities arise. As previously, Galaxy will continue to enjoy our support in building a solid position for itself, either within China or internationally, in the important lithium market."

 

CRHL is the largest single shareholder in Galaxy, with an 11.78% stake, and CRHL's Executive Chairman Yuewen Zheng and Non Executive Director Xiaojian Ren are both Non Executive Directors on the Galaxy Board. 

 

Creat Resources Holdings Limited
Allan Branch

Company Secretary
Tel: +61 (0) 36216 2705

www.creatresources.com

 

Grant Thornton Corporate Finance
Nominated Adviser
Maureen Tai, Melanie Frean
Tel: +44 (0) 20 7383 5100

 

Westhouse Securities Limited
Broker
Richard Baty
Tel: +44 (0) 20 7601 6100

 

First City (China) Limited
Public Relations Adviser
Lei Jiang, Simon Hudson
Tel: +852 2854 2666
Tel: +44 (0) 20 7920 3170

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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