Creat Resources Holdings Ltd Major Asset Sale (1666U)

TIDMCRHL

RNS Number : 1666U

Creat Resources Holdings Ltd

21 December 2012

21 December 2012

Creat Resources Holdings Limited

("CRHL" or "the Company")

Major Asset Sale

Further to the announcement made by the Company on 16 November 2012, CRHL announces that on the 20(th) December 2012, the Company disposed of a further 250,000 shares of Galaxy Resources Limited ("Galaxy"), at AUD$0.395 per share (the "Disposal").

The Company has to date invested in the shares of Galaxy as a long term strategic investment. Prior to the Disposal, the Company held 37,834,912 shares in Galaxy representing 6.75 percent of Galaxy's issued share capital.

Following the Disposal, the Company will hold 37,584,912 shares in Galaxy representing 6.707 percent of Galaxy's issued share capital.

Reasons for the Disposal

On 16 November 2012, the Company announced that it would dispose of 1,000,000 Galaxy shares as part of a short term funding initiative. This sale of 250,000 shares represents the second parcel of shares to be sold to enable the Company to continue its operations through the first quarter of 2013 until completion of its mining tenement sale ("Mining Asset Sale") which was announced on 17 October 2012.

The Board points out that:

1. The Company's investment strategy regarding Galaxy as a long term investment remains unchanged;

   2.   The Disposal only represents a small portion of the Company's holding in Galaxy; 

3. The proceeds from the Disposal are expected to be received via normal share trading settlement channels and will be used as working capital;

   4.   No further disposal of Galaxy shares will occur this year. 

The Company is also pleased to confirm that Exchange in respect of the Mining Asset Sale has taken place and that completion in respect of the sale is still expected in Q1 2013.

 
For further information please visit www.creatresources.com or contact:Creat Resources Holdings Limited     Tel: [phone] 
 Morris R. Hansen, Company Secretary 
 
 Daniel Stewart & Company             Tel: [phone] 
  Paul Shackleton 
 Emma Earl 
 
 
 About Creat Resources Holdings Limited 
 CRHL is an early stage mining exploration company holding 4 Exploration Licences and 3 Retention 
 Licences covering 109 square kilometres around the mineral rich Zeehan area in western Tasmania. 
 CRHL also has a strategy of acquiring assets in interesting resources companies that complement 
 or supplement the Company's exploration activities. CRHL is a major shareholder of Galaxy 
 Resources Limited ("Galaxy"). Galaxy is an Australian-based integrated lithium mining, chemicals 
 and battery company listed on the Australian Securities Exchange (Code: GXY) and is an S&P/ASX 
 300 Index Company. Galaxy plans to be one of the world's largest lithium carbonate producers 
 and is positioning itself to be involved in every step of the lithium supply chain. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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