Corporate | 23 September 2014 08:06
Deutsche Rohstoff AG / Key word(s): Disposal
23.09.2014 08:06
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
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Deutsche Rohstoff: Sale of Wolfram Camp Mine completed
Sales price of 18 million Canadian Dollar/Shareholding in larger tungsten
company
Heidelberg/Toronto. The sale of Deutsche Rohstoff's Wolfram Camp tungsten
mine in Queensland/Australia has been completed today. Deutsche Rohstoff
sold all shares of the 100% owned subsidiaries Wolfram Camp Mining and
Tropical Metals. The companies are the operating entities for the mine. The
buyer is the Canadian company Almonty Industries that operates the Los
Santos tungsten mine in Spain. Shares of Almonty are traded on the Canadian
TSX Venture exchange in Toronto.
The purchase price amounts to 18 million Canadian Dollar (CAD), which
converts to approximately 12.7 million Euro at current exchange rates.
According to the contract the purchase price consists of the following
components:
- Deutsche Rohstoff has received 12.2 million shares issued by Almonty
that represent a value of CAD 10.5 million at the 15 day volume
weighted average price of 0.86 CAD at signing of the contract. The
shares translate into a shareholding of Altmonty's issued stock of
24.9%
- For the remaining share of the purchase price of close to CAD 7.5
million, Deutsche Rohstoff has received a convertible bond. The bond
has a maturity of 2.5 years at an interest rate of 4%. DRAG has the
option to convert the bond into shares of Almonty at a conversion price
of CAD 1.45.
Titus Gebel, CEO of Deutsche Rohstoff AG, commented: "We are happy that we
were able to complete the sale of Wolfram Camp. From our perspective,
Almonty is the ideal buyer for Wolfram Camp. We believe that Almonty will
be the only TSX/TSX-V listed company with two operating tungsten mines,
producing both scheelite and wolframite concentrate. As a significant
shareholder in Almonty, we are looking forward to supporting the further
development of Almonty to a larger tungsten mining company. At the same
time, we thank management and employees of Wolfram Camp for their strong
commitment over the last three years and their ongoing efforts to build a
successful mine. We wish the team all the best for the future development
of Wolfram Camp."
Heidelberg, 23 September 2014
Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard
segment of Frankfurt Stock Exchange, is establishing a new primary
producer. The company's focus is placed on oil & gas and so called high
tech metals such as tin, tungsten, and rare earth metals. All projects are
located in political stable countries with high environmental standards.
The business concept is based on redeveloping deposits, which have been
well explored in the past. For more information please visit
www.rohstoff.de.
Contact:
Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 6221 871 000
info@rohstoff.de
23.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Deutsche Rohstoff AG
Friedrich-Ebert-Anlage 24
69117 Heidelberg
Germany
Phone: 06221-87100-11
Fax: 06221-87100-22
E-mail: gutschlag@rohstoff.de
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)
End of Announcement DGAP News-Service
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