Ann: Newport to Acquire Two Large Phosphate Proje, page-2

re: Ann: Newport to Acquire Two Large Phospha... Moved very quickly on news. Check the XTs. $3.8m in cash at the end of Dec. Tiny amount of share (fully duluted) on offer makes this one a current short term buy IMO pending further details. Top 20 doesn't look sig. but shares appear to be rare so volatility may be apparent.

Sydney - Thursday - February 25: (RWE Aust Business News) -
Newport Mining Ltd (ASX:NMN) will acquire two highly prospective
and potentially large-scale phosphate projects in Brazil.
The Lucena phosphate project has an initial exploration target of
40 to 50 million tonnes at an average grade of 10-14pc based on a
compilation of historical drilling.
The Mata da Corda has outcropping mineralisation with
historical rock chip results of up to 23.2pc and is ready for drill
testing.
Newport will acquire Aguia Metais Ltda, a subsidiary of Falcon
Metais Ltda.
The commercial terms of the acquisition, which is subject to
approval by Newport shareholders, include the issue of 10 million
ordinary shares at settlement, with further ordinary shares to be issued
upon achievement of milestones.
In addition, Newport has a 3-year exclusivity with Falcon,
whereby if Falcon, or an associate or related corporation of Falcon,
obtains an interest in a phosphate project or right to obtain an interest
in a phosphate project that is wholly or partially within Brazil, such
interest must be offered to Newport at the cost incurred by the party
acquiring the interest.
The board has also appointed Simon Taylor as managing director,
effective immediately.

Reuters.