TAWANA RESOURCES NL - Third offtake prepayment received and lifting of trading haltRelease Date: 20/09/2017 08:39:00 Code(s): TAW
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(?the Company? or ?Tawana?)
Third offtake prepayment received and lifting of trading halt
Tawana Resources NL (ASX: TAW) (Tawana) is pleased to announce that Lithco No.
2 Pty Ltd (Lithco), a 100% owned subsidiary of Tawana, has received the third
payment of A$4,375,000 in accordance with the lithium concentrate offtake
agreement (refer to ASX announcement of 26 April 2017) from a subsidiary of
Burwill Holdings Ltd (Burwill), a company listed on the Main Board of The Stock
Exchange of Hong Kong Limited (stock code 0024).
The full A$12,500,000 prepayment committed by Burwill has now been received by
Lithco. The terms of the prepayment are:
- The funds are to be used towards the capital and operational costs in
respect of the Bald Hill Lithium and Tantalum Mine (?Project?).
- The prepayment is interest free and to be repaid from 20% of each lithium
concentrate shipment until the prepayment has been repaid.
The Project is owned by Singapore Exchange-listed Alliance Mineral Assets Limited
(AMAL), with Lithco holding a 50% interest in all lithium rights in the Project
tenements pursuant to the Lithium Rights Joint Venture Agreement entered into
between the parties. Lithco also holds a right to earn a 50% interest in the Project
including the existing infrastructure and the mineral rights to all minerals from the
tenements (including tantalum rights) through the expenditure of A$12.5m on
development and operating costs. Beyond the $12.5m earn-in, each party is
required to fund their respective 50% share of funding in accordance with Work
Programs and Budgets to be approved by a newly formed Joint Venture Committee.
For further information please contact:
Tawana Resources NL
Telephone +61 8 9489 2600
20 September 2017
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 20/09/2017 08:39:00 Supplied by www.sharenet.co.za
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