Cancellation of Admission (9103S)
29 November 2011 - 8:00AM
UK Regulatory
TIDMQRES
RNS Number : 9103S
Q Resources Plc
29 November 2011
Q Resources Plc
Cancellation of Admission
29 November 2011
Q Resources Plc ("Q Resources" or the "Company") announced on 12
April 2011 that it had entered into a memorandum of understanding
in respect of the acquisition of the Montecristo Copper Mine and
the Santo Domingo Processing Plant (together the "Montecristo
Copper Project" or "MCP").
Under the AIM Rules for Companies, trading in the Company's
ordinary shares on AIM was suspended on 12 April 2011, pending
publication of an admission document. As the Company's ordinary
shares have now been suspended from trading on AIM for more than
six months, the admission of the Company's ordinary shares to
trading on AIM will be cancelled, as required by Rule 41 of the AIM
Rules for Companies, with effect from 7.00 a.m. on Tuesday 29
November 2011.
The Board of Q Resources remains committed to completing the
acquisition of MCP and the associated debt and equity financing
required. Discussions with potential investors and lenders are
ongoing.
In the event that the acquisition of MCP is completed, it is the
intention of the Company to seek the admission of its ordinary
shares to trading on the AIM Market, when market conditions
permit.
As at 29 November 2011, the Company had a net cash position of
approximately GBP908,000.
Commenting on the announcement, Ivan Murphy, Chairman of Q
Resources, said:
"In current market circumstances, the time taken to complete
transactions such as the acquisition of MCP has necessarily
extended. However, the Board has been encouraged by both the
reception to MCP by potential investors and by the progress the
vendors have made in developing MCP as a viable asset for Q
Resources. We are continuing to work with investors and the vendors
to bring the acquisition of MCP by Q Resources to fruition."
For further information contact:
Smithfield Consultants Limited
Scott Fulton / John Kiely
+44 (0)20 7360 4900
Fairfax I.S. PLC
Nomad and Broker
Ewan Leggat/Katy Birkin
+44 (0)20 7598 5368
Notes to Editors
About Q Resources
Q Resources is a Jersey public limited company which has been
established for the purpose of identifying and acquiring, or making
investments in natural resources assets. The Company's strategy is
to take advantage of opportunities to acquire assets that need
capital and possess potentially valuable resources and operations
with an initial focus on Africa and South America.
About MCP
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 the
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, flotation, 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.
For further information please visit
http://www.qresourcesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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