Acquire Strategic Interest


 

TIDMPRL 
 
RNS Number : 4441T 
Polo Resources Limited 
05 June 2009 
 

 
 
5 June 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or the "Company") 
 
 
Polo signs agreement to acquire interest in Impact Minerals Limited 
 
 
Polo Resources (PRL), the AIM listed mining company with coal and uranium 
interests in Africa, Australia, Mongolia, Europe and Bangladesh, announces that 
it has signed a placing agreement ("Placing Agreement") with Impact Minerals 
Limited (ASX:IPT) ("Impact") pursuant to which, subject to certain conditions 
being satisfied, Polo will subscribe in two tranches for an aggregate of 
18,668,326 new ordinary shares in Impact at 16.07 cents (A$) each (the "Placing 
Shares") for a total consideration of A$3,000,000 ("Placement"). 
 
 
The funds raised through the Placement will be used by Impact to fund its 
ongoing exploration in Australia and Africa and provide general working capital. 
 
 
Neil Herbert, Managing Director of Polo, said: 
 
 
"We are pleased to be able to announce this investment in Impact Minerals; the 
business has some exciting uranium exploration prospects in Botswana. These 
tenements cover the most prospective parts of the Karoo sediments and are in 
close proximity to the Letlhakane uranium deposit owned by A-Cap Resources, in 
which we are already acquiring an interest." 
 
 
Details of the Placing Agreement 
 
 
Under the terms of the Placing Agreement, Polo has subscribed for 18,668,326 new 
ordinary shares in Impact representing 19.98 per cent. of Impact's enlarged 
share capital following the Placement. Polo will pay consideration of 
A$3,000,000 for the Placing Shares. 
 
 
The Placement will be completed in two tranches. The first tranche will consist 
of 11,150,000 new ordinary shares in Impact at 16.07 cents ($A) each, with a 
consideration of A$1,791,805. It is expected that the subscription of the first 
tranche will complete on or around 11 June 2009. The second tranche, which will 
be subject to Impact shareholder approval at a general meeting to be held on or 
around 16 July 2009, will consist of 7,518,326 new ordinary shares in Impact at 
16.07 cents ($A) each, with a consideration of A$1,208,195. 
 
 
Pursuant to the Placing Agreement, Polo will retain the right for a two year 
period ending 30 June 2011, to subscribe for additional shares in Impact in 
order to maintain its 19.98 per cent. interest in Impact in the event that 
Impact issues further shares during that period. The subscription price for any 
additional shares issued to Polo will be the volume weighted average price of 
Impact shares traded on the ASX for the 10 business days prior to the relevant 
issue of shares by Impact. 
 
 
In addition, pursuant to the Placing Agreement, Polo will be entitled to 
nominate a director to join the board of Impact. It is intended that Mr. Paul 
Ingram, Polo's Chief Executive Officer for Australia, will be nominated by Polo 
for this position. 
 
 
Impact Minerals Limited 
 
 
Impact Minerals Limited was established to explore for deposits of uranium, gold 
and nickel and listed on the ASX in November 2006. The Company has extensive 
tenement holdings in Western Australia and Queensland: a portfolio of six 
projects containing deposits of uranium, gold and nickel. It also has interests 
in greenfield exploration sites in Botswana. 
 
 
 
 
 
 
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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