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Intex Resources ASA (ITXX.OL)

ITXX.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Intex Resources announces capital increase, changes in AMI deal
Tuesday, 28 Feb 2017 04:43am EST 

Intex Resources ASA : Has raised 11.25 million Norwegian crowns at 1.85 crown per share in private placement . Has renegotiated agreement with Ambershaw Metallics Inc. (AMI) and Legacy Hill Resources (LHR), which was announced on Nov. 22, 2016 [nObiM1fMCa] . Says renegotiation comes with favourable terms for Intex . Says capital raise will partly be used to expand convertible loan to AMI by $0.6 million, which will make AMI able to produce pellet samples to selected steel mills in North America in H2 2017 . Has secured 5 pct interest in AMI through purchase of AMI shares from Legacy Hill Resources with settlement in Intex shares . Buys 1 million AMI shares valued at $0.4 million, settled in Intex shares valued at 60 days VWAP after disclosure of the transaction . Says option to purchase up to 51 pct of Canadian pellet producer through equity transaction of $7 million has been extended from March 2017 to February 2018 . CEO says agreement secures Intex option in unique opportunity with minimal political, geological and market risks, with estimated revenue occuring in 12 to 18 months .Chairman says "When AMI is in full production, EBITDA is expected at $68 million in 2021, which should give IRR of 63 percent and potential NPV of $213 million on 100 percent basis".  Full Article

Intex Resources Q4 operating loss narrows to $545,000
Tuesday, 28 Feb 2017 03:18am EST 

Intex Resources ASA :Reported on Monday Q4 operating loss of $545,000 versus loss of $1.3 million in Q4 2015.  Full Article

Intex Resources gets first results from tests on Mindoro Ore
Monday, 27 Feb 2017 03:04am EST 

Intex Resources ASA : Received positive indications from tests done with Sunbright Consulting Limited in investigating possibilities of optimising conditions for upgrading content of Mindoro ore . Says more tests are needed to reach conclusion . Test was aimed at studying possibility of upgrading nickel laterite of Intex by using Catalytic Reduction Sintering . Upgrading tests for limonite ore showed that all three tests catalysts and all three sintering temperatures resulted in good upgrading results and showed potential for profitability . Test results for saprolite ore showed that three catalysts selected for this test work were did not produce good upgrading performance and these catalysts resulted in either minimal profits or a loss .Additional tests for Intex saprolite should be undertaken with other catalysts with aim to improve upgrading results.  Full Article

Intex Resources to enter into the premium magnetite pellet industry
Tuesday, 22 Nov 2016 04:37am EST 

Intex Resources ASA : Has entered into agreement which allows intex to acquire a 51 pct stake in Ambershaw Metallics Inc., a company controlled by Legacy Hill Resources Ltd . Entering into magnetite pellet industry is expected to provide attractive returns in 18-24 months .agreement with AMI is structured as convertible loan and option agreement of $200,000 payable to ami, and if Intex decides not to call option within 6 months, $200,000 will be repaid.  Full Article

Intex Resources secures NOK 80 million equity financing
Tuesday, 22 Nov 2016 04:10am EST 

Intex Resources ASA : Says has entered into share subscription facility (SSF) agreement with GEM Global Yield Fund . GEM commits to invest up to 80 million Norwegian crowns ($9.41 million) in co in form of SSF whereby co may draw down on facility by issuing new shares to GEM in return for cash . Proposes authorization to increase share capital by issuing new shares with amount corresponding to 50 percent of share capital, and issuance of 8.5 million warrants to GEM .Warrants may be exercised during three 3 years at subscription price of 0.70 crown.  Full Article

Intex Resources Q2 operating loss narrows to $0.5 million
Tuesday, 30 Aug 2016 01:41am EDT 

Intex Resources ASA : Q2 operating loss $0.5 million versus loss $2.1 million year ago . Q2 net loss $891,000 versus loss $2.6 million year ago .Says needs to seek to diversify its business as this should over time increase shareholder value.  Full Article

Falcon Balanced Fund converts bonds into Intex Resources shares
Monday, 6 Jun 2016 07:19am EDT 

Intex Resources ASA : Falcon Balanced Fund has converted the outstanding bonds into shares in Intex Resources . 30.7 million new shares have been issued, corresponding to about 21 pct of total outstanding shares in Intex Resources .Following conversion, share capital of company is 2.9 million Norwegian crowns ($353,348) divided into 146.1 million shares, each with a nominal value of 0.02 crown.  Full Article

Intex Resources appointed Henno Grenness CEO
Wednesday, 1 Jun 2016 02:00am EDT 

Intex Resources ASA : Appointed Mr. Henno Grenness as CEO of company from June 1 2016 .Newly elected board succeeded to re-engage Grenness as CEO of company until Dec. 31 2016.  Full Article

Intex Resources: Largest shareholder proposes new board
Friday, 27 May 2016 02:19am EDT 

Intex Resources ASA : The White November Fund Ltd (White November) has submitted request to Intex Resources to call for EGM . White November proposes new board . White November proposes Lars Christian Beitnes as chairman .White November holds 11.34 pct of the total outstanding shares in the Company, and is currently the Company's largest shareholder.  Full Article

Intex Resources Q1 net loss narrows to $634,000
Thursday, 12 May 2016 02:00am EDT 

Intex Resources ASA : Q1 operating loss of $0.6 million versus Usd $0.8 million for same period last year .Q1 net loss $634,000 versus loss $778,000 year ago.  Full Article

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