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Ascot Resources Ltd Acquires Interest In Uraba Coal Mining Concession In Colombia; Acquires 100% Of The Issued Shares In Carbones de Uraba S.L.


Sunday, 21 Jul 2013 11:12pm EDT 

Ascot Resources Ltd announced that it has entered into a conditional, binding Heads of Agreement with Hampshire Mining Pty Ltd (Vendor) for the proposed acquisition of an indirect 90% interest in a 5,000 hectare coal concession located in Uraba region of the Department of Antioquia, Colombia. The acquisition would provide potential for Ascot to consider synergies, including coal blending and logistics, with its 90%-owned Titiribi project, located approximately 360km to the south. On completion of the acquisition, Ascot will acquire 100% of the issued shares in Carbones de Uraba S.L. (Carbones Uraba), a company incorporated in Spain, which is 100% held by the Vendor. Carbones Uraba has an agreement to acquire 90% of the issued shares in Carbones de Golfo S.A. (Carbones Golfo), a company incorporated in Colombia that, in turn, is the holder of the Uraba concession. Included in the acquisition will be all associated historical exploration data, the majority of which is in the form of surface mapping and limited assays of surface outcropping coal. On completion of the acquisition, Ascot will pay the Vendor an initial consideration of the lesser of USD120,000 and the actual costs incurred by the Vendor as a result of payments it must make to the 10% minority interest in Carbones Golfo (Minority Holder) in respect of certain concession maintenance costs and the corporate restructuring of Carbones Golfo required to enable the acquisition to proceed (Initial Consideration). 

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