PERTH, Western Australia, March 16 /CNW/ - Mantra Resources Limited ('Mantra' or 'Company') (ASX:MRU, TSX:MRL) has received communication from JSC Atomredmetzoloto ('ARMZ') in relation to the Scheme Implementation Agreement ('SIA') that was entered into by Mantra and ARMZ on 15 December 2010.
ARMZ has stated its opinion that the recent incidents at the nuclear power plant in Fukishima, Japan are likely to have a material adverse effect on the business, results of operations, assets or liabilities, financial position or prospects of Mantra. As such, ARMZ considers that the condition precedent in the SIA relating to material adverse change is not capable of satisfaction.
ARMZ has, in the same communication, also indicated that it is willing to explore how the transaction may proceed by way of an alternative approach in accordance with its obligations under the SIA.
Mantra is considering its options and will provide further updates as they become available.
MRU Price at posting:
$6.69 Sentiment: Sell Disclosure: Not Held
