Result of EGM
March 10 2009 - 3:03AM
UK Regulatory
TIDMZRL
RNS Number : 5932O
Zambezi Resources Ltd
10 March 2009
10 March 2009
Zambezi Resources Limited
Results of EGM
Zambezi Resources Limited ("Zambezi" or the "Company") (AIM: ZRL; ASX: ZRL)
today announces all resolutions were duly passed at its Extraordinary General
Meeting ("EGM") held on 9 March 2009 in Bermuda.
The resolutions put to the shareholders at the EGM were to approve the Share
Subscription Agreement and Convertible Note Agreement that the Company entered
into with Astron Limited ("Astron") as announced on 28 January 2009.
Further to the above shareholder approval the board has resolved that, once the
subscription monies from Astron have cleared, to issue and allot the 171 million
shares to Astron and to apply for these ordinary shares to be admitted to
trading on AIM. A further announcement will be made in relation to this in due
course.
Shareholders have also approved the issue of the unsecured convertible note to
Astron at a face value of $6 million (the "Note"). Astron has an absolute
discretion to elect to subscribe for the Note, to be exercised within three
months after Zambezi shareholder approval. A further announcement will be made
in relation to the convertible note in due course.
The board of Zambezi believes that the Transaction will secure necessary funding
for the foreseeable future and at the same time provides the Company with a
strategic investor.
Astron is listed on the ASX and located in Sydney, Australia, but also has a
strong presence in China with an office in Shenyang. Astron's interest in
Zambezi is principally as a strategic opportunity to ultimately supply copper
from Zambia into China leveraging off Zambezi's copper/gold projects and
facilitating Zambezi's entry into Chinese markets. The transaction will ensure
the survival of the Company and add longevity to its existing projects.
The Company's shares were suspended from trading on ASX on 31 October 2008 and
AIM on 3 November 2008 pending clarification of the Company's financial
position. A further announcement in relation to the restoration of trading will
be made in due course.
For Further Information please contact:
+----------------------------------------+----------------------------------------+
| Julian Ford, Managing Director | Simon Edwards / Adam Lloyd |
| Zambezi Resources (Australia) | Evolution Securities Ltd |
| +61 (08) 9216 9000 | + 44 20 7071 4300 |
| +61 (0) 418 949 580 | |
| | |
+----------------------------------------+----------------------------------------+
| Fiona Owen | |
| Grant Thornton UK LLP | |
| +44 20 7383 5100 | |
| | |
+----------------------------------------+----------------------------------------+
ADDITIONAL INFORMATION
Zambezi is listed on London's AIM market and the Australian Securities Exchange
(ASX & AIM Ticker: ZRL) and currently has two main projects, Cheowa and
Kangaluwi. The Company is focused on discovering and developing large
Copper-Gold projects in southern Zambia. The Cheowa project is a joint venture
with Glencore International AG, who have earned a 51% interest in the
project. The Company believes that the Kangaluwi project has the potential to be
a world class open pit copper deposit. To date the Company has spent over US$ 10
million on the project and drilled over 50,000metres, testing 8km's of the
28km's of strike length. The Company also has entered into two Uranium Joint
Ventures on approximately 50% of its tenement area, one with Rio Tinto and the
other with Lithic Metals and Energy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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