Creat Resources Holdings Limited
("CRHL" or "the Company")
Assignment of convertible loan notes
Further to the announcement on 3 November 2011 in relation to the put option exercised by Time Wise Limited ("TWL") over 222,222,222 convertible loan notes (face value of £10m) issued to TWL in April 2010 (the "Time Wise Notes"), the Company has received confirmation from Creat Group that the paperwork has now been processed and that it has therefore completed the acquisition of the Time Wise Notes for a consideration of 6 pence per Time Wise Note.
Following the acquisition of the Time Wise Notes, the changes to the interests of Creat Group and two directors of the Company are set out below:
| Before | After |
| Fully paid ordinary shares | Convertible loans | Fully paid ordinary shares | Convertible loans |
| Number ('000) | % | (£) | Number ('000) | % | (£) |
|
|
|
|
|
|
|
Creat Group Limited | 353,300 | 52.95 | 6,995,866(1) | 353,300 | 52.95 | 16,995,866(4) |
Mr Xiaojian Ren | 353,300(3) | 52.95 | 6,995,866(2) | 353,300(3) | 52.95 | 16,995,866(4) |
Dr Yuewen Zheng | 353,300(3) | 52.95 | 6,995,866(2) | 353,300(3) | 52.95 | 16,995,866(4) |
(1) representing an outstanding convertible loan of £2,495,866 which is convertible into ordinary shares at a conversion price of 15 pence per share and a convertible loan of £4,500,000 convertible into ordinary shares at a conversion price of 4.5 pence per share. Therefore, these outstanding convertible loans are convertible into a total of 116,639,107 new ordinary shares in CRH
(2) beneficial interest in convertible notes held directly and indirectly through Creat Group's nominees, Marvel Link Group and Kingwealth Limited. As described above, the total outstanding convertible loans are convertible into a total of 116,639,107 new ordinary shares in CRH
(3) indirect beneficial interest held through Creat Group
(4) representing the outstanding convertible loans, referred to in note 1, of £6,995,866 and the Time Wise Notes where each Time Wise Note is convertible into one ordinary share. Therefore, these outstanding convertible loans are convertible into a total of 338,861,329 ordinary shares in CRH
For further information please visit www.creatresources.com or contact:
Creat Resources Holdings Limited | | Tel: +852 2511 6022 |
Katy Wu | | |
Business Development Manager | | |
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Creat Resources Holdings Limited | | Tel: +61 3 6216 2700 |
Allan Branch | |
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Company Secretary, General Manager | |
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Evolution Securities Limited (Nominated Adviser) Evolution Securities China Limited (Broker) | | Tel: +44 20 7071 4300 |
Tim Worlledge | | |
Esther Lee | | |
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First City (China) Limited Public Relations Adviser | | |
Lei Jiang | | Tel: +852 2854 2666 |
Simon Hudson | | Tel: +44 20 7920 3170 |
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 Ltd ("Galaxy") with an interest of 11.78% shareholding. 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.
