just a refresher folks,it's all happeningRESTRUCTURE AND...

just a refresher folks,

it's all happening

RESTRUCTURE AND REFINANCING OF CONGO ASSETS
The Directors of New World Alloys Limited (NWA) are pleased to advise that NWA has entered into a Heads of Agreement (Agreement) with Sino-Asia Mining & Resources plc (SAMR) to restructure its assets in the Democratic Republic of Congo.
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). At the time of the transfer, NWA will hold 87% of SAMR. Subsequent to settlement of the transfer, SAMR proposes to undertake a fund raising of approximately £1,500,000 at 2p. At the completion of that raising, NWA will hold 62% of SAMR. SAMR further intends to seek admission to the Alternative Investment Market in London (AIM) at which time they intend to raise a further ₤2,000,000. The proposed pricing of the second fund raising will be in the region of 10p. NWA’s diluted position in SAMR would then be 58%. At the completion of all raisings, Sino-Asia will still be a subsidiary of NWA and NWA will retain its controlling interest in the operations.
The purpose of this rationalisation is to enable the Company to raise third party funds in UK specifically for the Congo operations and to access the management team of SAMR in London. The Board of NWA is of the opinion that with the operations properly funded and managed, the furnaces will return to profitable operating.