TORONTO, July 16 /CNW/ - Following the announcement on 9 July 2010, Polo Resources Limited (AIM and TSX: POL) is pleased to announce that yesterday it completed the sale of 3,900,000 shares in Extract Resources Limited ("Extract") ("Extract Shares") for a gross cash consideration of AUD27.3 million. Polo is also pleased to confirm that FIRB approval has been obtained for the acquisition of certain of the Extract Shares by Nippon Uranium Resources (Australia) Proprietary Limited ("Nippon Uranium"). The sale of Polo's remaining holding of 18,650,849 Extract Shares for a cash consideration of approximately AUD130.6 million will complete on or around 13 August 2010, subject to shareholder consent being obtained at the general meeting referred to below.
Further to the announcements on 2 July and 9 July 2010, Polo Resources is pleased to announce that it has today posted a circular to shareholders convening a general meeting ("General Meeting") of the Company to be held at the offices of Heenan Blaikie, 333 Bay Street, Suite 2900 Toronto, Ontario M5H 2T4, Canada, on 6 August 2010 at 4.00 p.m. Toronto time (9.00 p.m. BST) for the purpose of considering resolutions to (a) approve an investing policy for the Company; and (b) approve the sale of 18,650,849 Extract Shares to Nippon.
The full text of the circular can be found on SEDAR at www.sedar.com. Copies of the circular are also available free of charge from the Company's Registered Office at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands VG 1110, and on the Company's website at www.poloresources.com.
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. The Company will primarily invest in companies with producing assets and/or resources and reserves that have been verified under internationally recognised reporting standards. For complete details on Polo Resources: www.poloresources.com.
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
SOURCE Polo Resources Limited
For further information: For further information: Polo Resources Limited, Neil Herbert, Executive Co-Chairman, + 27 82 404 36 37; Canaccord Genuity Limited, Ryan Gaffney, Bhavesh Patel, + 44 (0) 20 7050 6500; Toronto, James McVicar, Heenan Blaikie LLP, +1 416 643 6903; Financial Dynamics, Ben Brewerton, Ed Westropp, + 44 (0) 20 7831 3113