Chinese offer follows maiden JORC results; highlights Padbury?s...

Chinese offer follows maiden JORC results; highlights Padbury?s iron ore prospects
Key Points
 Sichuan Taifeng Group Co Ltd (Taifeng) offers 19.9 % placement in Padbury at 3.3 cents per share, to be maintained at a fully diluted level
 Subject to the agreement of Padbury?s shareholders, Taifeng is seeking a one-year option to increase its shareholding to 30% of the fully diluted share capital, with options exercisable at 5 cents per share.
 Acquisition of 50-60% of the Peak Hill Iron Ore project at an agreed price on completion of a Bankable Feasibility Study of the project.
 Offer follows Padbury?s Maiden JORC compliant announcement of an Inferred Resource of 850Mt at 27.3% Fe and a hematite exploration target of up to 28Mt at 55-60%Fe.
Padbury