ABN 89 099 116 631
Level 1, 672 Murray St
West Perth WA 6005
Locked Bag 8
West Perth WA 6872
Tel: +61 8 9322 1182
Fax: +61 8 9321 0556
ASX RELEASE 30 June 2014 Funding Update - Revised DOCA Settlement Receipt of $4.6M received under revised GMK DOCA following completion of sale of Meekatharra Gold Project
Following the completion of the assets comprising the Meekatharra Gold Project by the deed administrators of GMK Exploration Pty Ltd (Deed Administrators), Reed Resources Ltd (ASX:RDR) (Reed or the Company) announces that it has received approximately $4.6M from the Deed Administrators pursuant to the terms of a revised deed of company arrangement (Revised DOCA).
In addition, under the terms of the Revised DOCA, Reed is to undertake a buy-back of 24M shares of the Company, currently held by Metals X Ltd, for no further consideration. This buy-back is subject to Reed shareholder approval, which will be sought at an extraordinary general meeting scheduled to take place on or about 8 August 2014. If shareholder approval is not obtained for the buy-back, under the terms of the relevant agreements, the relevant shares are to be sold and the proceeds of sale remitted to Reed.
Following the receipt of this latest cash amount, Reed confirms that as at 30 June 2014, it has a cash position of approximately $13M comprising of cash and restricted term deposits.
Reed Resources Ltd
T: +61 89322 1182
E: enquiries@reedresources.com
Reed Resources Ltd (ASX: RDR, OTC: RDRUY) is a Western Australian resource developer.
Reed Resources' American Depositary Receipts (ADR's) trade under the code RDRUY (CUSIP Number: 758254106). Each Reed Resources ADR is equivalent to 10 ordinary shares of Reed Resources as traded on the ASX. The Bank of New York Mellon is the depository bank.
Website: www.reedresources.comdistributed by |