🕐22.10.10 - 04:54 Uhr

Navigator Resources - Creation of New Rare Earths Company



ASX ANNOUNCEMENT ASX Code: NAV 22 October 2010
NAVIGATOR SHAREHOLDERS TO RECEIVE IN-SPECIE DISTRIBUTION IN A NEW RARE EARTHS COMPANY Highlights Navigator shareholders are to receive an in-specie distribution of shares in a new Rare Earths Company (RECo) to be listed on the Australian Securities Exchange (ASX); RECo will offer an entitlement issue to its shareholders to subscribe for new shares prior to listing; Navigator has mandated BGF Equities as lead manager to the RECo inspecie distribution, capital raising and listing; It is anticipated that RECo will undertake a compliance-listing on the ASX in early 2011 with initial cash reserves exceeding A$10 million; Navigator anticipates appointing a highly-credentialed Board and management including Directors with experience in rare earths prior to the listing of RECo; RECo will be focused initially on the exploration and future development of the Cummins Range rare earth oxide deposit, presently owned 100% by Navigator, located in the Kimberley region of Western Australia; RECo will have exclusive rights to earn a 50% interest in Cummins Range through initial expenditure of A$10 million.

Navigator will retain a 10% shareholding in RECo with the majority of the balance to be offered to Navigator shareholders; and The Company will remain in a Trading Halt pending a further announcement on funding activities.
Navigator Resources Limited (ASX: NAV) ("Navigator" or "the Company") is pleased to advise that it intends to undertake an in-specie distribution of shares to Navigator shareholders in a new rare earth oxide-focused company to be listed on the Australian Securities Exchange (ASX) early in 2011. All Navigator shareholders at the record date (anticipated to be set for late 2010) will receive a capital return in the form of shares in the new Rare Earths Company (RECo), and will also receive a pro-rata entitlements offer to subscribe for additional new shares in RECo.

BGF Equities has been mandated by Navigator as lead manager to the in-specie distribution, capital raising and future listing of RECo.

It is anticipated that RECo will undertake a compliance-listing on the ASX in early 2011 with initial cash reserves exceeding A$10 million. Navigator anticipates the appointment of a highly-credentialed Board and management including Directors with experience in the advancement of rare earth assets, prior to the listing of RECo. To view the announcement in full please click here: http://www.navigatorresources.com.au/files/files/728_101022_NAVASX_RE_New_Co_Final.pdf
For further information David Hatch Managing Director Navigator Resources Tel: (08) 9226 5311 Email: James Harris Professional Public Relations Tel: (08) 9388 0944
ACN: 063 366 487 Ground Floor, 45 Richardson Street, West Perth WA 6005 Tel: (08) 9226 5311 Fax: (08) 9226 5411 Email: Website: www.navigatorresources.com.au --------------------------------------------------------------------------- This email was sent by James Harris, Professional Public Relations, 588 Hay Street, SUBIACO WA 6008 to Unsubscribe: http://esp.gewru.com/forms/u/f863eec/12414/1785118120.html ---------------------------------------------------------------------------



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