Australian based exploration and mining company, East Coast Minerals NL is pleased to announce the following updates in relation to its proposed acquisition of an advanced lithium project in Carinthia Austria.
1. EML has advised East Coast that contract negotiations with the third party vendor are close to finalisation and that there are only a number of relatively minor matters that need to be dealt with before signing of formal contracts. None of the matters that are outstanding are considered to be significant issues or hurdles. It is anticipated that those matter will be dealt with on or around 31 May 2011.
2. East Coast is also close to finalising the terms of its agreement with EML and again, there are no significant issues to be resolved. Completion of the outstanding matters is also expected to take place simultaneous with the matters required by KMI. The agreement between East Coast and EML is subject to certain conditions, including finalisation of due diligence, completion of the agreement with KMI and shareholders approval.
"In anticipation of the above matters all being finalised prior to 31 May 2011, a formal signing ceremony is expected to take place at the premises of KMI in Wolfsberg, Austria. A number of key government officials and dignitaries, as well as media and other interested groups are expected to attend this occasion".
Further details will be provided in relation to the status of the acquisition, as soon as they come to hand.
It's all go from here. All ABOARD!!!!!!!!!!!!! The train is about to leave the station.
Good luck all holders
ECM Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
