In that Perthnow story says Stirling will change name to become African Minerals but that's Timis' AIM listed company , Stirling to become Africa Iron Ltd on ASX in January. Tony says today MINIMUM !! 500mil for Marampa , so he obviously doesn't need HC 'people' valuing it at 200 mil or selling it to Stuart of CIC for a Harvey Norman price of $395 mil. i'm bad. But i did say give or take a few mil , though , so not so bad.
Stirling investors back DMC deal.
20 Dec 2010 Last update 5:36 PM,
AAP
Shareholders in Stirling Minerals Ltd have backed the junior explorer's takeover of iron ore hopeful DMC Mining Ltd.
They have also approved an associated $96 million capital raising and a name change to Africa Iron Ltd.
Stirling shareholders in Perth on Monday voted in favour of the acquisition of DMC, an Africa-focused subsidiary of Perth-based resources investment house Cape Lambert Resources Ltd.
They also approved a placement to raise $96 million, which would be one of the largest capital raisings by an Australian junior explorer in recent times and would fund the DMC acquisition, Stirling said.
Firm commitments to the placement, which closes on January 6, had already been received from institutions in Europe, North America and Asia, Stirling said.
Cape Lambert last month agreed to sell DMC to Stirling for $47 million in cash and a 25 per cent stake in Stirling - only six months after Cape Lambert took over DMC for $46 million following a bidding war with China's Meijin Energy Group.
While Cape Lambert will only hold a quarter stake in Stirling, it will gain effective board control of the company because Cape Lambert nominated directors, including iron ore sector stalwart Ian Burston, will next month replace Stirling's board.
Cape Lambert will also receive a royalty on future iron ore production from DMC's Mayoko project in the Republic of Congo.
Stirling shares were on Monday suspended from trading after rising 2.5 cents, or 11.63 per cent, to 24 cents on low trading volumes.
The shares will remain in suspension until the company complies with certain Australian stock exchange (ASX) listing rules including a consolidation of its capital on a 6.75 for 10 basis.
Stirling said it expected a re-quotation of the company on the ASX under its new name by mid-January.
On completion of the DMC acquisition and prior to re-quotation, all members of the current board of Stirling will resign.
A News Ltd report on Monday cited Cape Lambert chairman Tony Sage as saying the company is seeking to sell its Marampa iron ore project in Sierra Leone early next year for at least $500 million plus an ongoing equity interest in the project.
Mr Sage was not immediately available for comment.
Cape Lambert earlier this year realised a profit of $85.2 million on the sale of the Lady Annie copper mine in Queensland to China Sci-Tech Holdings Ltd.
http://www.businessspectator.com.au
CFE Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
(20min delay)