Corporate Update
March 31 2009 - 4:32AM
UK Regulatory
TIDMZRL
RNS Number : 7875P
Zambezi Resources Ltd
31 March 2009
31 March 2009
Zambezi Resources Limited
Corporate Update
Zambezi Resources Limited ("Zambezi" or the "Company") (AIM: ZRL; ASX:ZRL) today
announces that it has reached agreement with all its major creditors to extend
the standstill arrangement (announced 28 November 2008) to 30 April 2009. Under
the terms of the standstill agreement, Zambezi has deferred the payment of debts
to the Company's key suppliers until the end of April 2009.
The extended moratorium will allow Zambezi the opportunity to raise additional
funds for its projects in Zambia. Zambezi securities will remain suspended from
trading on ASX and AIM whilst these discussions are ongoing.
The Company is continuing discussions with various parties with a view to
refinancing the Company. This includes discussions being led by the Company
itself and also discussions through intermediaries acting on the Company's
behalf. The current strategy is aimed at minimising ongoing costs while
retaining the intellectual property, knowledge base and management team that the
Company has built up over the past five years.
For more information contact:
+------------------------------+----------------------------+
| Julian Ford, Managing | Simon Edwards / Adam Lloyd |
| Director | Evolution Securities Ltd |
| Zambezi Resources | + 44 20 7071 4300 |
| (Australia) | |
| +61 (08) 9216 9000 | |
| +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 50,000 metres, testing 8km's of the 28km's of
strike length. The Company also has a Uranium Joint Venture on approximately 50%
of its tenement area 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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