For immediate release 17 July 2017
REABOLD RESOURCES PLC "Reabold" or the "Company"Investee Company Update: San Jose Lithium-Tin Project
Reabold Resources Plc (LSE AIM:RBD) provides an update on its investment in the advanced San Jose Lithium-Tin Project in Spain (the "Project").
The Project is a Joint Venture between Plymouth Minerals Limited's ("Plymouth" ASX:PLH) subsidiary Tonsley Mining Pty Limited ("Tonsley") and Sacyr, S.A,, the IBEX 35 Spanish listed multinational infrastructures and services company. Tonsley has the right to earn a 75% interest in the Project by spending €1.5 million for a first stage 50%, then €2.5 million for the additional 25%, to be funded Plymouth.
On 19 April 2007, Reabold announced the acquisition of a 2.0% interest in Tonsley for a consideration of AUD$500,000 (GBP300,000).
Reabold advises that, in accordance with the terms of the investment agreement, it has delivered to Plymouth a Notice of Exercise of Put Option in respect of Reabold's interest in Tonsley, whereby Reabold will transfer back to Plymouth its shares in Tonsley in consideration of receipt of A$500,000, payable on 18 July 2017.
Whilst the Tonsley investment represented an interesting opportunity for Reabold, it was decided that this would not form a long term asset for Reabold and therefore that Reabold should exercise its put option and redeploy the money on other investments.
For further information please contact:
Reabold Resources plc
Jeremy Edelman +44 (0) 207 440 0640
Antony Samaha
Beaumont Cornish Limited (Nomad)
www.beaumontcornish.com
Roland Cornish/ James Biddle/ Felicity Geidt +44 (0) 20 7628 3396
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").
This information is provided by RNS