Ann: Trading Halt, page-14

Taken from the Advocate News in Tassie.

https://www.theadvocate.com.au/story/5679385/shree-minerals-in-trading-halt-planning-capital-raising/

Stalled Circular Head miner Shree Minerals Limited might finallybe on the march.

Shree entered a share trading halt on Monday, pending an announcement.

It said it sought the trading halt “to allow forthe finalisation of an option agreement to acquire exploration assets and acapital raising by way of a non-renounceable rights issue”

The notice signed by Shree director andcompany secretary Sanjay Loyalka said the company expected thetrading halt would remain until the earlier of the start of trading onThursday or an announcement about the option agreement and capital raising.

It was not clear where the exploration assetswere.

Shree developed the Nelson Bay River iron oremine, but only mined for a short period before prices collapsed.

The mine has been on care and maintenancesince 2014.

The project was opposed and delayed byenvironmentalists, led by Save the Tarkine.

Shree made an after tax loss of $1.85million in 2017-18.

Its net assets on June 30 were worth just$166,000, after topping $2 million a year earlier.

It recently received approval from MineralResources Tasmania to surrender much of its Nelson Bay River mining lease area.

Shree gave up about 413 hectares and retained366 hectares.

It said the 366 hectares contained all knownmineral resources in the lease area.

“All our plans, current and future, for miningat the lease and all associated infrastructure - including waste dumps,tailings dam, processing areas, admin areas etc. - are within the retainedarea,” it said.

“The company has done a partial surrender as acost reduction measure to reduce the mining lease rental by surrendering theportion of the land that is surplus to its needs and was initially taken withinthe lease as a buffer/contingency.”

It said the surrendered land was originallytaken as a buffer area.

Western Australia-based Shree struggledfinancially after mining was put on hold

Singapore-based RB Investments, linked towealthy businessman Rajesh Bothra, pumped $2.8 million into Shree in 2016through a share placement.

Mr Bothra became executive chairman.

He quit that role, and the board, in June.