CRP
22/05/2015 08:30
GENERAL
PRICE SENSITIVE
REL: 0830 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Antipodes Transaction Update
21 May 2015
NZX Market Announcement
Following the announcement on 1 April 2015 of its proposed business
restructure Chatham Rock Phosphate (CRP) has now entered into a formal loan
agreement with Antipodes Gold Limited (AXG).
Under this agreement, CRP will make an interest-free, unsecured loan to AXG,
in order for it to meet its share of the transaction costs, and to cover
interim general expenditure.
AXG is now preparing to lodge relevant initial documents with the TSX Venture
Exchange (TSX.V), and will provide a further update upon their review.
Transactions Summary
AXG's business assets are comprised solely of minority interests in gold
exploration permits, held by its New Zealand subsidiary through two joint
venture agreements with neighboring mining operator Newmont Waihi Gold
Limited ("Waihi Gold"). Unable to raise capital for development of these
assets, AXG's financial position has demanded a restructure to realise the
current value of its business assets and remaining company structure.
The transactions proposed are in two steps, both subject to the satisfaction
of conditions: AXG will first sell its New Zealand subsidiary, containing its
business assets, to Aorere Resources Limited ("AOR"), subject to exercise by
Waihi Gold of its pre-emptive rights.
The second step will then be for AXG, now a listed shell, to undertake a
reverse take-over by offering newly-issued capital to CRP's shareholders
(which include AOR), and leaving AXG's current shareholders with a residual
stake in the post-transaction company.
Chris Castle
Chief Executive Officer
[email protected]
End CA:00264658 For:CRP Type:GENERAL Time:2015-05-22 08:30:45
