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Reabold To Give Back 2% Stake In San Jose Project For AUD500,000

LONDON (Alliance News) - Investment company Reabold Resources PLC said on Monday it will give ...

Alliance News 17 July, 2017 | 12:39PM
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LONDON (Alliance News) - Investment company Reabold Resources PLC said on Monday it will give back a 2.0% stake in San Jose Lithium-Tin project operating company Tonsley Mining Pty Ltd to Plymouth Minerals Ltd for AUD500,000.

The San Jose project is a Spanish joint venture between Tonsley, a subsidiary of Plymouth, and Sacyr SA, a Spanish listed infrastructures and services company. On April 19, Reabold said it would acquire 2.0% of Tonsley for AUD500,000, and to that end, raised GBP367,500 by issuing 73.5 million shares at a price of 0.5 pence each.

Now the company has chosen to exercise its put option, where Reabold will give back its shares in Tonsley to Plymouth for AUD500,000, to be paid on July 18.

Reabold said that although the investment represented an interesting opportunity, it would not form a long term asset, so the money should be redeployed into other investments.

Shares in Reabold Resources were untraded on Monday, last quoted at 0.625 pence.

By Dayo Laniyan;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Reabold Resources PLC 0.63 GBX 0.00 -
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