Subiaco-based Chrome Corporation is seeking to have its self-imposed trading halt lifted following an announcement from the company about the sale of its 74 per cent interest in a South African chrome project for $41 million.
The consent from the Minister of Minerals and Energy, one of the outstanding conditions for the sale of the company's interest in the Ruighoek project to AMCOL International Corporation, has been received.
Full announcement below:
South African DME Section 11 Consent
Chrome Corporation Limited ("Chrome") wishes to announce that one of the outstanding Conditions Precedent under the conditional Share Sale Agreement dated 5 March 2008 between Chrome, Chrome Holdings Limited ("Chrome Holdings") and AMCOL International Corporation ("AMCOL") has now been met.
The consent from the Minister of Minerals and Energy under Section 11(1) of the Mining and Petroleum Resources Development Act for the indirect change in the controlling interest in Batlhako Mining Limited, the 74% holder of the Ruighoek Chrome Project, has been received.
Final approval from the South African Reserve Bank Exchange Control Department is still pending, but both AMCOL and Chrome expect that this will be forthcoming now final settlement procedures can be set. The parties anticipate agreeing a date for settlement shortly.
Accordingly the Company now requests that the trading halt in the Company's securities put in place earlier today be lifted.
