10/10/2008 - 13:33

Noah Resources plans transformation

10/10/2008 - 13:33

Bookmark

Upgrade your subscription to use this feature.

Perth-based Noah Resources NL will undergo a transformation following the approval of its acquisition of Namibian Copper Pty Ltd, and expects to re-list on the local stock market by the end of the month.

Perth-based Noah Resources NL will undergo a transformation following the approval of its acquisition of Namibian Copper Pty Ltd, and expects to re-list on the local stock market by the end of the month.

The company today lodged a prospectus with the Australian Securities Exchange, in accordance with re-listing rules, to raise a minimum of $1, offered only to corporate advisor Montagu Corporate Pty Ltd.

The re-listing follows a decision earlier this year by Noah to acquire Namibia Copper for 47.5 million Noah shares. On completion of the transaction, current Noah shareholders will hold a 25 per cent interest in the company.

The transaction gained the approval of Noah shareholder, who also voted for a name change to Namibian Copper Ltd.

The transaction will allow Noah to primarily focus on the Namibian copper project while it review its existing Australian projects.

Noah has nearly $2.9 million in the bank and has set aside $1.7 million for exploration expenditure.

Perth-based Noah Resources NL expects to re-list on the local stock market by the end of the month, as it

Shares in the company, which were halted in July, last traded at 34 cents.

Noah made its debut on the ASX in December last year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options