Perth-based Newland Resources has unveiled a "revitalisation" plan that includes three new major investors including Argonaut and Craig Burton, and a refocus on acquiring resource projects.
The announcement is below:
REVITALISATION OF NEWLAND RESOURCES LIMITED
- Strategic review of the Company's direction
- Orderly realisation of existing non-core assets in order to refocus on resource projects that have significant potential
- Proposed change of name at the next Annual General Meeting
Newland Resources Limited (ASX: NRL) is pleased to announce its strategy to revitalise the Company.
As part of the recently completed rights issue, the Company allotted the majority of the shortfall to several new strategic investors.
Perth based investment house Argonaut Limited (8.2%), Craig Burton (6.48%), and incoming director Tim Sugden (4.1%) have each taken strategic shareholdings in the Company. All three of these parties have extensive and successful experience in identifying, acquiring and developing resource projects.
Newland is now in the process of reviewing its strategic direction. Whilst the review is ongoing, the decision has been made to refocus on acquiring and advancing resource projects that have significant commercial potential, and to divest existing non-core assets in an orderly manner.
The Company also proposes to change its name at the 2009 Annual General Meeting. Further information regarding this initiative will be provided in due course.
The Company is delighted with these developments and looks forward to updating shareholders on further outcomes resulting from the strategic review.