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TIDMGMA
RNS Number : 2584E
GMA Resources PLC
29 May 2012
AIM: GMA 29 May 2012
GMA Resources plc
("GMA" or the "Company")
Statement Re. Suspension
Further to the announcement made on 4 May 2012, the Company announces that it has signed a non-binding heads of agreement with a third party to acquire a company which, if completed, would result in a reverse takeover under the AIM Rules. In conjunction with the heads of agreement, the same parties have also signed a loan agreement under which the vendor has agreed to advance up to GBP400,000 on an unsecured basis to provide ongoing working capital for the Company to cover day-to-day costs and certain of the costs of the proposed reverse takeover transaction. Interest of LIBOR plus five per cent. will accrue on the outstanding balance, payable on repayment of the loan, which will be on 27 May 2013 unless the directors of GMA withdraw from the transaction or breach certain covenants, whereupon the loan becomes repayable on demand.
Accordingly, the Company has requested that the trading in the Company's ordinary shares be suspended pending completion of the reverse takeover transaction.
A further announcement will be made in due course.
Enquiries:
GMA Resources Plc Ken Crichton +20 (0)100766 6118
Merchant Securities David Worlidge/Virginia +44 (0) 20 7628
Limited Bull 2200
This information is provided by RNS
The company news service from the London Stock Exchange
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