SUNDANCE CONFIRMS RECEIPT OF $5M CONVERTIBLE NOTE FUNDING FROM HANLONG Sundance Resources Limited (“Sundance” or the “Company”) (ASX: SDL) advises that it has received A$5 million from Hanlong (Africa) Mining Investment Limited (“Hanlong”) representing the Tranche 1 funding under the Convertible Note Facility. Sundance Managing Director Giulio Casello said this payment is an encouraging step that demonstrates Hanlong’s ongoing commitment to complete its acquisition of Sundance. “We are pleased to confirm the funding has now been received by Sundance. The funds will be used for ongoing project development works in-country and to further our exploration programme while we continue to progress completing the Scheme of Arrangement under the revised timetable announced earlier this month,” Mr Casello said. On 7 February 2013 the Company announced the Chinese National Development and Reform Commission (“NDRC”) had extended its provisional approval for Hanlong’s acquisition of Sundance to 30 July 2013. A revised timetable was released to the ASX which takes into account the time required for Hanlong to finalise its large Chinese Partner requirement, the issue of the Credit Approved Term Sheets and the final PRC regulatory approvals from NDRC, MOFCOM and SAFE. The Scheme Meeting is now scheduled for 7 May 2013 and provided all regulatory and shareholder approvals are received, the payment of Scheme Consideration to Sundance shareholders is set to occur on 27 May 2013. ENDS Released by: Giulio Casello George Jones CEO and MD Chairman Sundance Resources Ltd. Sundance Resources Ltd.
SDL Price at posting:
29.5¢ Sentiment: None Disclosure: Held
