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THE WATERBERG COAL COMPANY LTD - Finalises Sale of South Australia tenement EL 4445

Release Date: 27/11/2014 10:55
Code(s): WCC     PDF:  
Wrap Text
Finalises Sale of South Australia tenement EL 4445

The Waterberg Coal
Company Limited            The Waterberg Coal Company Limited (ASX:WCC) finalises
(formerly Range            sale of South Australia tenement EL 4445
River Gold Limited)
(Incorporated in
Australia)                 The Board of WCC wishes to announce that it has
(Registration              finalised terms of the sale of its South Australia
number ABN 64 065          tenement EL4445 Claypan Dam to Apollo Minerals Limited
                           (“Apollo”) following discussions between the parties.
480 453)
ASX: WCC | JSE: WCC
| ISIN:                    The agreed payment terms, now reduced to writing, are
AU000000WCC9               as follows:
(“WCC” or “the
                             1. An initial sum of $75,000 to be paid on settlement
Company”)
                                by way of the issue of Apollo shares (Shares), the
                                number of which is to be determined from the
ASX Release
                                volume weighted average share price (VWAP) for the
                                five trading days preceding the settlement date.
24 November 2014
                             2. A further sum of $50,000 to be paid 30 days
                                following confirmation by the Department for
                                Manufacturing, Innovation, Trade, Resources and
 THE WATERBERG COAL             Energy of the State of South Australia of the
   COMPANY LIMITED              renewal of the exploration licence. Such
 ABN 64 065 480 453             consideration also to be paid by way of the issue
                                of Shares, the number of which is to be determined
 Registered office:             from the VWAP for of the five trading days
Level 2, 1 Walker Avenue
  West Perth, Western
                                preceding the date of the renewal notification.
     Australia 6005          3. A final sum of $250,000 upon determination and
      Australia                 release on ASX, by 31 December 2017, of a JORC
                                compliant resource statement comprising a minimum
 Tel:+61 8 9485 0888
                                of 50 Million Tonnes greater than 0.75% Cu, or, a
Fax: +61 8 9485 0077            minimum of 10 Million Tonnes greater than 55% Fe,
                                to be paid, at Apollo’s election, by way of
South African office:           Shares, or cash, or a combination of Shares and
 Level 1, The Place,            cash, The number of Shares to be issued is to be
     1 Sandton Dr               determined from the VWAP for the five trading days
    Sandton, 2146               preceding the date of release of the JORC
     South Africa               compliant resource notification.
Tel: +27 10 594 2240
Fax: +27 10 594 2253
                           The sale and purchase agreement contains standard
                           warranties and covenants as are accepted in
                           transactions of this nature.
        Contact:
  Mr Stephen Miller        Chief Executive Officer, Stephen Miller stated “It has
       Executive           always been our intention to realise value for
     Director/CEO          shareholders from the tenements in South Australia
           Or              which are non-core to WCC’s operations. The deal with
 Investor relations        Apollo provides us with an immediate benefit and allows
   in South Africa:        us to focus on our South African coal project which is
     Bruce Tinney
                           gaining momentum.”
  +27 (83) 408 3028

       E-mail:
info@waterbergcoal.com   Stephen Miller
          .au            Executive Director and CEO
                         The Waterberg Coal Company Limited

      Directors:         JSE Sponsor
   Dr Mathews Phosa
      (Chairman)         The Standard Bank of South Africa Limited
    Stephen Miller
 (Executive Director
       and CEO)
       Lee Boyd
(Director and Company
      Secretary)


  ASX / JSE Symbol:
         WCC

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