Dear Praetor,
If this announcement (marked as market sensitive information) is an incomplete transaction per your illogical argument, why should the ANS management announce it to the market via the ASX?????
Extract from the ANS announcement dated 2 August 2018.
Quoted:
ASX Announcement 2 August 2018 MARKET UPDATE
AustSino to invest AUD $750,000 in Sundance Resources LtdAustSino Resources Group Limited (ASX: ANS) (AustSino) has agreed to subscribefor approx. 187,500,000 fully paid ordinary shares in Sundance Resources Ltd(ASX: SDL) (Sundance) for a subscription price of AUD $0.004 (0.4 cents) pershare, which reflects a 20% discount to the closing price on 1 August 2018. Thetotal placement price of AUD $750,000 is to be paid in immediately availablefunds on or by 6 August 2018. The funds will be used by Sundance to advance itsMbalam-Nabeba Iron Ore Project in Cameroon and the Republic of Congo in CentralAfrica (Project) and for general working capital. Sundance and AustSino havealso agreed to discuss and advance the development of the Project on anexclusive basis until 31 August 2018 (subject to Sundance’s existingarrangements with Tidfore Heavy Equipment Group Co. Ltd relating to theProject). Sundance proposes that Stage One of the Project will be theproduction of a Direct Shipping Ore (DSO) quality sinter fines productaveraging >62.0% Fe at a rate of 40Mtpa for approximately 14 years based onblending material sourced from the deposits in the neighbouring countries ofCameroon and Congo. Sundance proposes that Stage Two of the Project (which iscurrently at a Pre-Feasibility Stage) would then extend the life of theoperation by a further 15-plus years producing high-grade Itabirite hematiteconcentrate. In partnership with the Cameroon Government, it is intended thatthe Project would utilise a 540km rail line dedicated to the transport of ironore through Cameroon and a dedicated mineral export terminal designed fortaking bulk iron ore carriers of up to 300,000 tonnes. AustSino’s Chairman, MrChun Ming Ding, said: “AustSino and its investors are delighted to supportSundance Resources Ltd in its efforts to become a world-class producer of ironore in central west Africa and to lead development of one of the world’s nextgreat iron ore provinces. “ “AustSino intends to work closely with SundanceResources and its project partners to discuss and advance this major resourcesProject for the mutual benefit of our investors and the people of central westAfrica”.
AustSino Resources Group Ltd to raise AUD $3 Million from aChinese investor AustSino is also pleased to announce it has agreed termswith Mr Guang Min Jie to raise additional capital of AUD $3 Million. Mr Jie(a resident of China) has agreed to subscribe for approx. 230,769,231 fullypaid ordinary shares in AustSino for a subscription price of AUD $0.013 (1.3cents) per share to raise AUD $3 Million. This reflects a discount ofapprox. 20% to the average closing price over the last 10 days on whichAustSino’s shares were traded. It is expected that these funds will bedeposited into AustSino’s bank accounts within 14 days and that the shares willnot be issued to Mr Jie until AustSino has received the AUD $3 Millionsubscription funds in immediately available funds. The funds will primarilybe used by AustSino to progress its activities in the Mid West region ofWestern Australia, to progress discussions with Sundance Resources and itsproject partners, and for working capital.
Further inquiries: Mr Henko Vos Company Secretary T: +61 89463 2463
