Merah Resources Limited (ASX:MEH) is pleased to announce that following shareholder approval obtained at an Extraordinary General Meeting held on 29th September 2014, Merah has settled the acquisition of Oresearch Limited pursuant to the binding term sheet between Oresearch and Merah.
Following completion of the Settlement of Oresearch Agreement, the Board welcomes two new directors of Oresearch Limited to join the Board of Merah, Mr Jeremy Read and Mr Adam Davey. Mr Jeremy Read has been appointed as Managing Director and Mr Adam Davey has been appointed as a non-executive director.
Mr David Deloub has stepped down as Managing Director and remains on the Board as the non-executive chairman. Non-executive director, Mr Jason Eveleigh has resigned from the Board of Merah. The Board thanks Mr Eveleigh for his contribution to the Company during his time in office.
Merah advises that the Company’s 2-for-3 non renounceable Entitlements Offer closed on 24 September 2014. Applications received under the offer were for 8,223,440 ordinary shares totalling $246,703.20. Pursuant to the Underwriting Agreement between the Company and Patersons Securities Limited as detailed in the Entitlement Issue Prospectus, the Company will receive additional applications for the 13,839,894 shortfall shares totalling $415,196.82.
The Board of Directors expresses its appreciation to all participating shareholders for the support shown under the Entitlements Offer.
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Merah Resources Limited (ASX: MEH) is a resources company whose primary purpose is to define further mineralization on its existing deposits and identify, review and acquire potential new resource projects both in Australia and Overseas.
On the 18th July 2014, Merah Resources Limited announced that it had entered into a binding terms sheet with Oresearch Limited, an unlisted Australian domiciled company, and its shareholders, to acquire the legal and beneficial ownership of 100% of the issued capital of Oresearch.
With the signing of the Agreement between Oresearch and Teck, in addition to acquiring the exclusive right and option to earn up to an 80% interest in the Fyre Lake Property. Upon settlement of the acquisition of Oresearch, Merah will now also acquire an interest in the Coober Pedy Project.
Details of the both the Fyre Lake and Coober Pedy projects can be found in the Merah ASX announcements of 18th July 2014 and 11th August 2014 respectively.
In addition, the company currently owns the farm-in rights to the Boizan and Antubia gold projects located in Ghana, West Africa
In line with its stated objectives, Merah will continue to identify, evaluate and if warranted, acquire additional resource projects and assets both in Australia and overseas.
The company will acquire these additional interests by way of direct acquisition, farm-in, joint venture or direct equity investments in the project owners.