Investee Company Update

RNS Number : 2482L

Reabold Resources PLC

17 July 2017

 

For immediate release                                                                                                                 17 July 2017

REABOLD RESOURCES PLC

"Reabold" or the "Company"

Investee Company Update: San Jose Lithium-Tin Project

Reabold Resources Plc (LSE AIM:RBD) provides an update on its investment in the advanced San Jose Lithium-Tin Project in Spain (the "Project").

The Project is a Joint Venture between Plymouth Minerals Limited's ("Plymouth" ASX:PLH) subsidiary Tonsley Mining Pty Limited ("Tonsley") and Sacyr, S.A,, the IBEX 35 Spanish listed multinational infrastructures and services company. Tonsley has the right to earn a 75% interest in the Project by spending €1.5 million for a first stage 50%, then €2.5 million for the additional 25%, to be funded Plymouth.

On 19 April 2007, Reabold announced the acquisition of a 2.0% interest in Tonsley for a consideration of AUD$500,000 (GBP300,000).

Reabold advises that, in accordance with the terms of the investment agreement, it has delivered to Plymouth a Notice of Exercise of Put Option in respect of Reabold's interest in Tonsley, whereby Reabold will transfer back to Plymouth its shares in Tonsley in consideration of receipt of A$500,000, payable on 18 July 2017.

Whilst the Tonsley investment represented an interesting opportunity for Reabold, it was decided that this would not form a long term asset for Reabold and therefore that Reabold should exercise its put option and redeploy the money on other investments. 

For further information please contact:

Reabold Resources plc

Jeremy Edelman                                                                              [phone]

Antony Samaha

Beaumont Cornish Limited (Nomad)

www.beaumontcornish.com

Roland Cornish/ James Biddle/ Felicity Geidt                     [phone]

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").

 

END

 

 

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