Business
Sale of Aura JV
Sale of Aura JV.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n RNS Number : 6783U GCM Resources PLC 20 October 2010 \n \n\n \nDate: 20 October 2010 \n \nGCM RESOURCES PLC \n(AIM: GCM)\n \nSALE OF INTEREST IN GCM AURA JOINT VENTURES\n \nGCM Resources plc (\"GCM\") has reached agreement with Aura Energy Limited (\"Aura\") for the sale of its interests in the Aura/GCM West African Alliance and joint venture projects to Aura. GCM will receive consideration of US$1.4 million on completion and a further US$0.5 million on the first anniversary of completion. Additional consideration may become payable if certain resource targets are met. Completion is conditional on Aura successfully completing its due diligence.\n \nGCM's Chief Executive Steve Bywater commented \"The alliance with Aura was very successful in identifying a number of prospective opportunities in West Africa. However, as the focus for GCM is the Phulbari Coal Project in Bangladesh, the development of which is awaiting the approval of the Government of Bangladesh, this transaction is in the best interests of both companies.\"\n \n \nFor further information:\n \n\n\n\n\nGCM Resources plc\nSteve Bywater \nChief Executive \n +44 (0) 20 7290 1630\n \nGraham Taggart\nFinance Director\n+44 (0) 20 7290 1630\n \n\n\nPelham Bell Pottinger\nCharles Vivian \n44 (0)207 861 3126\n \nKlara Kaczmarek\n+44 (0)207 861 3883\n\n\n\n\nJ.P. Morgan Cazenove\nNominated Adviser\n \nMichael Wentworth-Stanley \n \n+44 (0) 207 588 2828\n\n\n\n\n\n\n\n \n\n\n\n\nGCM Resources plc\n\n\n\n\n\n\n\nTel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631\n\n\n\n\n\n\n\[email protected]; www.gcmplc.com\n \n \n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISKKKDKOBDKNKB \n ","length":4761,"tagName":"div"}]