Business
Significant Zinc/Lead Investment in Spain/Portugal
Significant Zinc/Lead Investment in Spain/Portugal.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \nRNS Number : 3329X Mineral & Financial Invest. Limited 27 August 2015 \n\nMINERAL & FINANCIAL INVESTMENTS LIMITED\n(\"M&FI\" or the \"Company\")(LSE-AIM: MAFL)\nSignificant Zinc / Lead Investment in Spain and Portugal \nHighlights:\n· M&FI acquiring 49% of Swiss-based TH Crestgate GmbH through purchase of common shares \n· M&FI to have the right to appoint a director to the board of TH Crestgate\n· TH Crestgate's principal assets are two Zinc / Lead Projects - Lagoa Salgada Portuguese Zinc / Lead Project located in the NW portion of the Iberian Pyrite Belt and the Toral Project located in Province Castille Y Leon of Spain\n· The Projects have benefited from approximately $20.0 million of geological work and together host an Indicated Resource of 7.6M tonnes grading an 11.96% zinc equivalent[1] and an Inferred resource of 6.2M tonnes grading 10.26% zinc equivalent[2] \n \nMineral & Financial Investments today announces it first strategic acquisition to sit within the portfolio approach developed in 2013 as part of the Company's new investment strategy. Mineral & Financial Investments will invest in, and finance as an active financial partner, mineral assets with resources. Having developed a strong cash position from restructuring legacy assets, the Board will maintain an active portfolio of assets it maintains engaged oversight on, and a passive portfolio of large, highly liquid natural resources positions. \nTo facilitate this transaction M&FI has acquired a 49% equity stake in TH Crestgate Gmbh (\"TH Crestgate\") from Mr R. Maurer and Mr F. Moppert for a consideration of CHF121,600 (c. £82,000). Thereafter, M&FI will invest a further CHF98,000 (c. £66,000) through the issue of treasury shares of TH Crestgate. The Principals of TH Crestgate will also purchase CHF102,000 (c. £69,000) to maintain their 51% interest in the Company. It is intended that, M&FI will also purchase senior secured notes in due course; the terms of these notes are still under discussions and a further announcement will be made if the investment is made. \nTH Crestgate is a privately owned Swiss-based company. TH Crestgate recently acquired 100% of shares and intercompany...