Rns...10 Jun 2010 16:08
LONDON (Dow Jones)--Kalahari Minerals PLC (KAH.LN), a resource company, said Thursday that APAC Resources Ltd (APAC), a major Hong Kong listed company focused on natural resource investment opportunities and base metals trading, has increased its interest in the company to 21,585,392 ordinary shares of 1 pence each, representing 9.55% of the total issued Ordinary Share capital of Kalahari, following the acquisition of 11,200,000 Ordinary Shares. MAIN FACTS: -These newly acquired Ordinary Shares represent the second tranche of Ordinary Shares acquired by APAC under the sale agreement between Kalahari, Coronet Resources Ltd and APAC, announced on May 4. -Under the terms of the agreement, Coronet agreed to sell up to 16,000,000 ordinary shares at a price of GBP1.85 in cash per Share, equating to GBP29,600,000.00 and these Shares have now been sold to APAC. -The remaining 5,585,392 Ordinary Shares held by APAC were purchased in the market. -The Company intends to use the proceeds from the sale of the Shares for general working capital purposes. Shares at 1405 GMT shares traded at 154.75 pence. -By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; razak.baba@dowjones.com (END) Dow Jones Newswires June 10, 2010 10:05 ET (14:05 GMT)