Key Developments: Intex Resources ASA (ITXX.OL)

ITXX.OL on Oslo Stock Exchange

1.96NOK
30 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Intex Resources ASA receives ''binding offer'' for Mindoro Nickel
Tuesday, 21 Oct 2014 07:04am EDT 

Intex Resources ASA:Says received a "binding offer" for Mindoro Nickel from an offshore based company (the "Offer Company") allegedly indirectly owned by 3 Chinese companies.Says those 3 Chinese companies are involved in mining and mining related construction as well as power generation.Says offer is unsolicited and there has been no prior contact between Intex and Offer Company nor any of its shareholders in this regard.Says offer is conditional upon inter alia parties agreeing on a Sale and Purchase Agreement as well as the Offer Company's due diligence.Says offer for 100 pct of project contains a small cash element and a free carried interest for Intex of 7.5 pct in project.Says will use period until Nov. 15 to evaluate offer and seek clarifications regarding entities behind Offer Company and their operating and financial capacity.Says Board's initial reaction however, is that the offer is less attractive than available alternatives.  Full Article

Intex Resources ASA confirms strategic partnership discussions
Wednesday, 8 Oct 2014 08:26am EDT 

Intex Resources ASA:Says is in dialogue with a selected number of industrial groups to form a partnership for the development and completion of the Mindoro Nickel project in the Philippines.Says the detailed path forward is expected to be concluded once a formal partnership has been established.  Full Article

Intex Resources not to appeal District Court's decision
Friday, 29 Aug 2014 12:30pm EDT 

Intex Resources ASA:Says will not appeal the District Court's decision from Aug. 19.Says the company was fined with 400,000 Norwegian crowns for violation of Securities Trading Act for not running insider lists during negotiations with MCC8 in 2011/2012.Says the company disagrees with the ruling but believes its in the company's interest to put the matter behind and move forward.  Full Article

Intex Resources ASA announces FY 2014 financial guidance
Thursday, 21 Aug 2014 02:00am EDT 

Intex Resources ASA:Expects to harvest from the restructuring in the coming months.  Full Article

CORRECTION OFFICIAL - Intex Resources sells treasury shares to Double Concept Investments
Thursday, 15 May 2014 09:43am EDT 

CORRECTED TO READ...and Intex will hold 67,666 treasury shares...INSTEAD OF...and Intex will hold no treasury shares.Intex Resources ASA:Says has agreed to sell 8,900,000 treasury shares representing 9.71 percent of outstanding shares in the company.Sales price 2.25 Norwegian crowns per share.Expects settlement on or before Aug. 29 but adds that the date may be extended until Nov. 28.The buyer is a Hong Kong-based Double Concept Investments Ltd.Following the settlement of the sale of shares Double Concept Investments Ltd will hold 8,900,000 shares in Intex, and Intex will hold 67,666 treasury shares.  Full Article

Intex Resources rejects MCC8's accusations
Thursday, 5 Dec 2013 06:26am EST 

Intex Resources ASA:Says MCC8 claims that Intex Resources has not met the obligations under the Agreement signed June 5, 2013 and that MCC8 might file a law suit against the company in Hong Kong.Says Intex rejects the statements made by MCC8 and informs that the company has to date not received any realistic proposal from MCC8.Claims Intex has met all the obligations under the Agreement, which was non-exclusive and was to expire on Dec. 5.Says the Agreement carried no obligations for Intex to accept partners introduced by MCC8 and Intex has no outstanding payments to MCC8 under the Agreement.  Full Article

Intex Resources cancels agreement with MCC8
Wednesday, 4 Dec 2013 08:36am EST 

Intex Resources ASA:Says on Dec. 4 MCC8 announced that MCC8 has received an offer to acquire the Mindoro Nickel project.Says Intex Resources has not received such an offer, and hereby rejects the content of the press release issued by MCC8 on Dec. 4.Says the company hereby announces the immediate cancellation of the agreement with MCC8 announced on June 5.Says the basis for the cancellation is due lack of confidence and trustworthiness of MCC8.The cooperation agreement signed in June included a suggested process of listing Mindoro Nickel in Hong Kong with a new mining joint venture company between MCC8 and Jinchuan as operator of the project.Mindoro Nickel project is Intex's main asset.  Full Article

Intex Resources ASA and Atok-Big Wedge Finalize Settlement Procedure
Wednesday, 23 Oct 2013 07:48am EDT 

Intex Resources ASA announced that the formal legal procedure with the Regional Trial Court has been finalized and the Atok-Big Wedge case has been effectively closed. The dispute between Intex Resources ASA, Intex Resources AS and their impleaded officers, and Atok-Big Wedge, has therefore been settled and the claim from Atok-Big Wedge has been fully extinguished.  Full Article

Intex Resources ASA and Atok-Big Wedge Sign Compromise Agreement
Wednesday, 9 Oct 2013 05:09am EDT 

Intex Resources ASA announced that the Compromise Agreement with Atok-Big Wedge has been duly signed by both parties. On September 30, 2013 Intex stated that a final and legal settlement procedure with Atok-Big Wedge and the Philippine court would commence. Following the approval of the Compromise Agreement on September 30, 2013 by the Board of Directors of Intex, the first procedural step - the signing of the Compromise Agreement by both parties has been finalized. Now a legal procedure with the Philippine court will commence, and the parties requested the Regional Trial Court for a JDR Conference at which the parties will exchange documents including the Compromise Agreement. The Regional Trial Court has confirmed that the JDR Conference will be held on October 16, 2013. Further on, the parties expect the Regional Trial Court to issue an order granting Atok's motion to withdraw complaint and to dismiss the case with prejudice. The steps described above are normal legal procedural steps in the Philippines.  Full Article

Intex Resources ASA to Settle Legal Dispute with Atok-Big Wedge Co Inc
Monday, 30 Sep 2013 02:00am EDT 

Intex Resources ASA announced that it has approved a negotiated Compromise Agreement resolving and extinguishing the claim raised by Atok-Big Wedge Co Inc in their court case from November 2010. A final and legal settlement procedure with Atok-Big Wedge and the Philippine court is expected to commence in the week commencing on September 30, 2013. In November 2010, Atok-Big Wedge Co. claimed that there was a completed agreement for the sale of shares in Intex Resources AS (which owns the Mindoro Nickel project), on terms never accepted by the Company. The Company was and is of the opinion that the claim is without legal basis. However, the Company is of the view that the Compromise Agreement will allow the Company to focus even further on the realization of Mindoro Nickel. The on-going realization for the Mindoro Nickel project is coordinated by the Company's financial adviser Societe Generale Corporate & Investment Banking in close cooperation with the senior management and Board of the Company. The Compromise Agreement includes a formal process with the Philippine court as well as with Atok-Big Wedge's Executive Committee. As part of the Compromise Agreement, Intex Resources ASA will pay Atok-Bid Wedge Co an undisclosed amount. The amount will not have any material effect on the consolidated income statement for Intex Resources ASA.  Full Article

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