1 Dec 2015 07:00
1 December 2015
Polo Resources Limited
("Polo" or the "Company")
IRONSTONE RESOURCES - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the natural resources investment company with interests in gold, oil and gas, coal, iron ore, copper and phosphate, is pleased to announce that following a rights issue by investee company Ironstone Resources Ltd. ("Ironstone") to raise C$1.04 million, Polo has been informed that its interest in Ironstone has increased to 18.8 per cent following an additional investment by Polo of C$101,000 and the operation of a price protection mechanism for certain early stage investors in Ironstone.
Ironstone is applying the rights issue proceeds towards reduction of debt and in completing the funding of an SRK Consulting Preliminary Economic Assessment, on its Clear Hills Iron/Vanadium project in Alberta, Canada, which is expected to be completed in Q4 2015. Given the material fall in iron ore prices, the Company expects a write down of its Ironstone investment of US$6.63 million.
For further information, please contact:
Polo Resources Limited Kudzayi Denenga, Investor Relations | + 27 (0) 787 312 919 |
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ZAI Corporate Finance Ltd (nominated adviser) Ray Zimmerman, Peter Trevelyan-Clark
| +44 (0) 20 7060 2220 |
Liberum Capital (broker) Christopher Britton | +44 (0) 20 3100 2000 |
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Blytheweigh (public relations) Tim Blythe, Camilla Horsfall | +44 (0) 207 138 3204 |
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About the Company
Polo Resources Limited is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo, please refer to: www.poloresources.com.