20 June 2008Significant Terms of the Acquisition of SPLUnion has...

20 June 2008

Significant Terms of the Acquisition of SPL

Union has acquired 100% of the issued and outstanding share capital of SPL on the following significant terms:

1. The issue of 9,000,000 Union shares to the vendor of the shares of SPL (“the Vendor”). The Union share price at the close of business yesterday was AUD$1.2 cents.

2. Final completion under the contract will take place on or before 20 April 2009,subject to satisfaction of a number of conditions precedent, namely:

(i) receipt of any required regulatory approvals;
(ii) the Namibian Minister of Mines and Energy either granting renewal of the EPLs or granting a Mining Licence over all or part of the area covered by the EPLs; and
(iii) Union forming the view that the exploration and proposed development of phosphate mining operations in the areas of the EPLs is commercially viable.