Acquire Strategic Interest


 

TIDMPRL 
 
RNS Number : 4327T 
Polo Resources Limited 
05 June 2009 
 

5 June 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or the "Company") 
 
 
Polo signs agreement to acquire interest in West Australian Metals Limited 
 
 
Polo Resources (PRL), the AIM listed mining company with coal and uranium 
interests in Africa, Australia, Mongolia and Bangladesh, announces that it has 
signed a subscription agreement with West Australian Metals Limited (ASX:WME) 
("WME") pursuant to which, subject to certain conditions being satisfied 
including shareholder approval from WME shareholders, Polo will subscribe for 
49,560,000 new ordinary shares in WME at A$0.12 each (the "Subscription Shares") 
and will be granted 24,780,000 attaching options over new ordinary shares in 
WME, exercisable at A$0.25 each by 30 June 2011 (the "Subscription Options"). 
 
 
The subscription by Polo is part of a wider private placement being undertaken 
by WME, under which WME proposes to raise up to A$9.9 million by the issue of up 
to 82,600,000 new ordinary shares at A$0.12 each together with one attaching 
option exercisable at A$0.25 by 30 June 2011 for each two shares issued 
("Placement"). 
 
 
The funds raised through the share placement will be used to augment working 
capital and to accelerate the exploration and development of WME's 80%-owned 
Marenica Project, which is located in the rich Damara Province in Namibia. 
 
 
Neil Herbert, Managing Director, said: 
"We are very pleased to announce the further expansion of our uranium interests 
with this significant investment in WME. We are particularly excited by the 
potential of the Marenica Project which we see as a considerable value driver 
for shareholders. 
 
 
"The Marenica project lies within the same uranium province as the Rossing and 
Langer Heinrich uranium mines and immediately north of the Trekkopje mine, which 
is currently being developed by Areva." 
 
 
 
 
Details of the Subscription Agreement 
The subscription by Polo is subject to and conditional upon approval by WME 
shareholders at a general meeting to be held on or around 9 July 2009. 
 
 
Under the terms of the Subscription Agreement, Polo has subscribed for 
49,560,000 ordinary shares in WME representing 11.1 per cent. of WME's enlarged 
share capital following the placing and conversion of notes issued by WME. Polo 
will pay consideration of A$5,947,200, for the Subscription Shares and as well 
as the Subscription Shares, will be granted an option over a further 24,780,000 
new ordinary shares in WME, exercisable by 30 June 2011 at a price of A$0.25 
each. If exercised, the Subscription Options would give Polo a direct interest 
in 15.1 per cent. of the issued share capital of WME (assuming that all 
Subscription Options are exercised). 
 
 
Director participation 
The following directors of Polo are also participating separately in the 
Placement at their own expense in the following amounts: 
 
 
+-------------------------------------------+---------------------------+ 
| Director                                  | Number of WME shares      | 
+-------------------------------------------+---------------------------+ 
| Stephen Dattels (through Osivis Private   | 2,250,000                 | 
| Capital Limited, a company in which he is |                           | 
| interested)                               |                           | 
+-------------------------------------------+---------------------------+ 
| Neil Herbert                              | 2,250,000                 | 
+-------------------------------------------+---------------------------+ 
| Paul Ingram (through The Ingram Family    | 2,250,000                 | 
| Trust, an entity in which he is           |                           | 
| interested)                               |                           | 
+-------------------------------------------+---------------------------+ 
| Guy Elliott                               | 1,000,000                 | 
+-------------------------------------------+---------------------------+ 
 
 
West Australian Metals Limited 
West Australian Metals Limited is an Australian Stock Exchange listed company 
with its major focus being the discovery and development of uranium deposits. 
The Company's principal asset is the Marenica Uranium Project located in the 
uranium rich Damara Province in Namibia. West Australian Metal's strategy is to 
focus on the evaluation of the Marenica Project as well as to identify and 
acquire other uranium opportunities globally. 
 
 
The Marenica Project currently comprises a large, bulk tonnage uranium deposit 
with a JORC compliant Inferred Resource of 111 million tones averaging 140ppm 
U3O8 for 34 million pounds of contained U3O8. The Project is located in one of 
Africa's premier uranium mining jurisdictions, approximately 70km north west of 
the Rossing Mine, the most productive hard rock uranium mine in the region, and 
30km north of the Trekkopje Project, which will be in full production by 2010. 
 
 
Contacts: 
 
 
+--------------------------------------------------+----------------------------+ 
| Polo Resources Limited                           |  + 27 82 404 36 37         | 
| Neil Herbert, Managing Director                  |                            | 
|                                                  |                            | 
+--------------------------------------------------+----------------------------+ 
| Canaccord Adams Limited                          | + 44 (0) 20 7050 6500      | 
| Mike Jones / Ryan Gaffney                        |                            | 
|                                                  |                            | 
+--------------------------------------------------+----------------------------+ 
| Financial Dynamics                               | + 44 (0) 20 7831 3113      | 
| Ben Brewerton / Ed Westropp                      |                            | 
|                                                  |                            | 
+--------------------------------------------------+----------------------------+ 
 
 
 
 
About the Company 
Polo is an emerging energy company focused on acquiring and developing advanced 
stage coal and uranium properties. For complete details on Polo Resources 
Limited, management encourages investors and interested parties to view its 
public documents filed on AIM Exchange at www.poloresources.com. 
 
 
CAUTIONARY STATEMENT 
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. 
 
 
ENDS 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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