Here's the Ann confirming that we have initial lift off. I see a steady climb in price up to the October Aim listing - and then we should see a real take off.
Could go differently of course, might fly earlier - but that's my take.
NEW WORLD ALLOYS LIMITED ABN 36 060 774 227 989 Wellington Street, West Perth WA 6005 PO Box 761, West Perth, 6872, Western Australia telephone: +61 (8) 9322 2744 facsimile: +61 (8) 9226 3233 email: [email protected] website: www.newworldalloys.com 22 August 2007 The Company Announcements Platform ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam RESTRUCTURE AND REFINANCING OF CONGO ASSETS The Directors of New World Alloys Limited (NWA) are pleased to advise that a meeting of shareholders of Sino-Asia Mining and Resources plc (SAMR) was held on Monday 20 August 2007 at which the shareholders of SAMR approved the proposed transaction to purchase NWA’s assets in the Democratic Republic of Congo and the change of name to Congo Copper Corporation plc. Under the Agreement, NWA will transfer its interest in two of its subsidiaries, Nova Mining SPRL (Nova) and Macro Mining (Macro) (which in turn owns 80% of Phoenix Resources) for the issue of 166,666,667 shares in the capital of SAMR at a deemed issue price of 2p each (Consideration Shares). SAMR have already raised some GBP₤2.2m and intends to seek admission to the Alternative Investment Market in London (AIM) around mid October. On or before Settlement, NWA will enter into an exploration joint venture agreement (with Phoenix and Macro) in respect of the exploration licences held by Phoenix (Exploration Licences) and exploration licence applications held by Macro (Exploration Licence Applications). Pursuant to the joint venture agreement, NWA will retain a 30% interest in the Exploration Licences and Exploration Licence Applications and will fund 30% of all expenditure incurred in respect of the Exploration Licences and Exploration Licence Applications. SAMR will use the funds raised referred to above to bring the 3 copper cupolas owned by Nova back into production, to carry out initial investigation of the Exploration Licences and Exploration Licence Applications and to fund investigation of on-site concentration of lower grade oxide ores. Following Settlement Mr Ian Cornelius and Mr Gerard Zytkow will be appointed to the Board of SAMR representing NWA. Please contact the undersigned if you have any queries regarding this matter. Yours faithfully, For NEW WORLD ALLOYS LTD Lindsay Colless Director
NWA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
