| Fri 9 Jul 2010, 11:27 | | EXT - Extract Resources Limited - ITOCHU agrees to acquire a 10.3% interest in |
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EXT - Extract Resources Limited - ITOCHU agrees to acquire a 10.3% interest in
Extract Resources
Extract Resources Limited
Registration No. ABN 61 057 337 952
Registered as an external company in Namibia
ISIN Code: AU000000EXT7
NSX Share Code: EXT
ITOCHU agrees to acquire a 10.3% interest in Extract Resources
Extract Resources Ltd (ASX/TSX/NSX: EXT), a uranium exploration and development
company with projects in Namibia, was notified today that ITOCHU Corporation
("ITOCHU"), a major Japanese trading house, has acquired a 10.3 per cent stake
in Extract through its wholly owned Australian subsidiary, Nippon Uranium
Resources (Australia) Pty Ltd ("Nippon Uranium").
Polo Resources Limited was the vendor of 9.2 per cent of the shares to Nippon
Uranium, and following this transaction will have no shareholding in Extract.
The remaining 1.1 per cent of the shares purchased by Nippon Uranium was
acquired from a related party of Polo.
The acquisition is subject to approval by shareholders of Polo Resources Limited
and Australian Foreign Investment Review Board ("FIRB") approval over a portion
of the stake.
Extract Resources Chairman, Stephen Galloway, said: "We welcome ITOCHU`s
presence on the share register. ITOCHU has a long history in the uranium market
as well as experience operating in Namibia, and as a new stakeholder in Extract,
we believe we can benefit from their experience in the sector."
On behalf of the Board of Directors,
Jonathan Leslie
CEO
Windhoek, 9 July 2010
Registered Office
Swakop Uranium (Pty) Ltd
3 Schutzen Street
Windhoek
Namibia
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
100 Robert Mugabe Avenue
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 09/07/2010 11:27:06 Produced by the JSE SENS Department.
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