Perth diversified minerals developer and producer Dwyka Resources Ltd has issued almost 4 million shares to Savinara Company SA in relation to the earn-in agreement with Swazi Gold Ventures Pty Ltd to acquire 50 per cent of their company.
The full text of a company announcement is pasted below
The Directors of Dwyka Resources Limited have today issued 3,962,757 fully paid ordinary shares (`Shares") to Savinara Company SA pursuant to a Shareholders and Earn-in Agreement ("Agreement") in relation to Swazi Gold Ventures (Pty) Ltd ("SGV") as announced on 18 July 2007. The Agreement replaces the legally-binding Memorandum of Understanding ("MOU") in relation to SGV more fully described in the Company's announcement of 7 March 2007.
Under the terms of the Agreement, Dwyka was required to make a payment of US$200,000 and issue Shares to the value of US$1,500,000 in order to earn a 50% shareholding in SGV. The Shares were issued pursuant to a calculation based on the average volume weighted trading price for Dwyka shares traded on ASX in the 30 day period prior to the date of signing of the MOU. The signature date of the MOU was 2 March 2007 and the average volume weighted trading price for Dwyka Shares was calculated as A$0.43. This calculation has resulted in Dwyka being required to issue 3,962,757 Shares.
Application has now been made to the AIM Market of the London Stock Exchange ("AIM") for 3,962,757 Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00am on 26 July 2007.
Dwyka now has 126,319,806 Shares in issue.
