creat resources in reverse takeover

Creat Resources in reverse takeover of Perth miner.

10 February 2010 @ 12:15 pm BSTNext Markets Article.

Tasmania-based mining company Creat Resources Holdings has been restored to AIM trading after publishing an admission document.

The company has announced a planned reverse takeover of ASX-listed Galaxy Resources, an emerging mining and materials company focusing on lithium and tantalum production.

It says Galaxy, based in Perth, plans to become one of the world's leading producers of lithium.

CRH has 4.53% of Galaxy's shares and plans to increase its stake to just under 20%. It will raise up to 15.12m through a placing at 6p to fund the acquisition, which constitutes a reverse takeover under AIM rules.

Following approval of the further Galaxy subscription, the company will seek re-admission.

CRH says it believes it will be well placed to make further acquisitions or conduct other transactions to expand its operations and work alongside Creat Group to support Galaxy as it develops the Mt Cattlin Project and the Jiangsu Project.

Story provided by Business Financial Newswire

http://www.ibtimes.co.uk/articles/20100210/creat-resources-in-reverse-takeover-of-perth-miner.htm