26/03/2008 - 11:36

Giralia nets $70 million from investment firms

26/03/2008 - 11:36

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West Perth-based Giralia Resources NL will pocket at least $70 million from two transactions with energy investments companies.

Giralia nets $70 million from investment firms

West Perth-based Giralia Resources NL will pocket at least $70 million from two transactions with energy investments companies.

The company has agreed to sell its 16.8 per cent interest in Red Hill Iron Limited to American Metals & Coal International Inc and equity firm First Reserve.

Giralia said the offer of $7 per share for its holding of over 6.64 million shares represented an "attractive and substantial premium to Red Hill's recent and historical trading prices".

In a separate transaction, AMCI will also pick up a 9.9 per cent stake in Giralia through its subsidiary AMCI Capital, which is managed by AMCI president Hans Mende and former BHP Billiton executive Mike Salamon.

The transaction will net Giralia $22.8 million.

 

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