23/07/2012 - 12:45

Chinese group takes $4m stake in Vector

23/07/2012 - 12:45

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Chinese group takes $4m stake in Vector

A China-based resources investment house has taken significant stake in Vector Resources, in a deal worth $4 million to the Perth-based gold hopeful.

Vector announced today that Eagle Brilliant Holdings (EBH) would subscribe for a 19.9 per cent stake in Vector, via a share placement priced at 8 cents per share.

EBH will also take just over 51 million options exercisable at 25 cents per share before January 30 2015.

The placement was managed by Indian Ocean Capital.

Following completion of the transaction, pending shareholder and regulatory approval, EBH will also appoint a nominee to Vector’s board of directors.

Vector managing director Glyn Povey said the company welcomed EBH as a cornerstone investor.

“EBH, as part of its wider investment group, have the ability to facilitate the plant procurement and provide associated infrastructure and technical skills to take Vector into production,” Mr Povey said in a statement.

EBH chief executive Jiaping Jiang said the company saw Australia as an attractive investment destination, with huge potential for a variety of minerals discoveries.

Vector has a competent and committed board and management and we are pleased to have selected Vector for investment as they embark on some very promising gold projects,” Mr Jiaping said in a statement.

At 12:30PM, WST, Vector stocks had lost 1.2 per cent, trading at 8.1 cents. 

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