🕐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
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