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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Q Resources | QRES | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 16.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 16.00 | 16.00 |
| Top Posts |
|---|
Posted at 13/4/2011 10:16 by orgasmicbeef Q Resources PlcPotential acquisition and equity fundraising RNS Number : 8172E Q Resources Plc 13 April 2011 Q Resources Plc Potential acquisition and equity fundraising Q Resources Plc ("QRES" or "Company") announces that it has entered into a Memorandum of Understanding and 12 week exclusivity undertaking (the "MOU") with HPC Maria Ltd, a wholly-owned subsidiary of Pentagon Bernini Fund Ltd, Gottex ABL (Cayman) Limited, and Antofagasta Ltd (BVI) (together the "Vendors"), in relation to the potential purchase of the Montecristo Copper Mine and the Santo Domingo processing plant (together the "Montecristo Copper Project" or "MCP"), located in the Antofagasta Province of Chile, approximately 140km south of Antofogasta. The MOU covers the potential acquisition of mining licences and all mining assets of the MCP for a consideration of US$110m (the "Potential Transaction"). The consideration for the acquisition of MCP will be satisfied by the issue of new ordinary shares of QRES and the issue of loan notes in QRES to the Vendors. MCP operated as a copper mine for 11 years until 2008, at which point the mine was placed on care and maintenance as a result of the global financial crisis. An exploration programme in 2008 provided a resource estimate and a project design for production of 10,000 tonnes per annum of copper in concentrate, and approximately 0.5 million tonnes of iron ore concentrate per annum at 68% Fe. The underground mine design comprises open stope mining with ore requiring conventional crushing, milling, floatation, and magnetic separation prior to delivery to the market. The existing Santo Domingo process plant would be acquired from the Vendors and comprises the substantial part of the required operating facilities. A dedicated small port will be required to be built to export the iron ore concentrate. Simultaneous with the completion of the Potential Transaction, QRES intends to raise approximately US$110m from a placing of new ordinary shares of the Company. It is expected that early production of copper will be achievable and, subject to permitting and modifications to the plant, treatment of existing tailings at the MCP will assist with the environmental clean up of the site. Applications for permits for treatment of the tailings and construction of the port have already been submitted. The Potential Transactionremains subject to completion of satisfactory due diligence by QRES and the approval of the Company's shareholders. The Company notes that the Potential Transaction contemplated would constitute a reverse takeover under the AIM Rules for Companies and will require the publication of an admission document in respect of QRES as enlarged by the acquisition of MCP and the consent of QRES shareholders in a general meeting. The Company is not currently in a position to comply with the requirements of AIM Rule 14 insofar as publication of an admission document and convening of a general meeting are concerned. Consequently, the Company has requested that its securities are suspended from trading on AIM until such time as either the Company is able to publish an admission document or the Potential Transaction is no longer in contemplation. Under the terms of the MOU QRES has agreed to pay to the Vendors £150,000 to cover their transaction costs and a further US$260,000 which may be recouped by QRES to the extent it incurs project-specific due diligence costs. Additionally, the MOU provides for a US$1.1m break fee which in certain circumstances the Vendors may be required to pay to QRES, or QRES may be required to pay to the Vendors. Completion of the Potential Transaction is conditional (inter alia) upon agreement of formal documentation, QRES being satisfied with its legal, technical and commercial due diligence on the Montecristo Copper Project and the obtaining of any necessary government consents and QRES shareholder approval in accordance with the AIM Rules, and there is therefore no guarantee that the Potential Transaction will complete. Speaking of the agreement, Bernie Pryor, CEO of Q Resources said: "This is a unique opportunity for Q Resources. The Montecristo copper and iron ore project will provide low cost copper and iron ore from an existing facility that will be expanded to meet the desired production levels. The ability to utilise the tailings enhances early cash flow and the combination of copper and iron concentrates offer a mixed revenue stream for two strong commodities. We are delighted with this project which is well established and in a country with a strong mining history. |
Posted at 08/7/2010 13:02 by bert31 andrbea hi,seems like that, you're keeping a keen eye on QRES here, invested? i got late in on the rally and out again with a small profit, on watchlist ever since, was tempted to buy in on the movement this morning but guess its perhaps better to wait and see... your take? Bert |
Posted at 28/5/2010 12:25 by on the up Baobab (LSE:BAO) is actively seeking JV partners for two of its five licence areas in Moz - Changara & Mundonguara - and discussions have passed CA's with news expected very shortly.Does QRES fit the bill perhaps? I believe the two have spoken and I need to dig deeper to understand some of the personnel connections between the two Co's. BAO's two licence areas for JV focus are an array of base metals along with some precious. Largely under explored areas, but on the Co's track record with its current scout drilling ops on the Tete project the signs are promising - let alone aeromagnetic that's been shot, etc etc. Anyway, perhaps anyone lurking here will have a view? Gla, OTU |
Posted at 13/4/2010 13:56 by roughandtumbleone Reading between the lines regarding Q Resources investment strategy, I wonder who they are looking at in Mozambique? I am heavily involved with Baobab Resources and know they are in discussions with several JV partners with several of their projects...It certainly seems to fit with QRES synergy and investment criteria. Would be superb to see an announcement over the coming few weeks? Best wishes, R&T |
Posted at 13/4/2010 13:10 by andrbea As (says so in the prospectus) this was the same management behind Cove Energy, well I mean... look at the exciting acreage they're sitting on (East Africa)If the management team can repeat that pedigree elsewhere and cherry-pick some prime acreage as a project for use by qres, then the future for this stock has to be worth waiting for well that's why I'm in.. :-) nia dyor |
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