Mr. John Versfelt reports
CREDENT CAPITAL CORP. PROVIDES UPDATE ON QUALIFYING TRANSACTION
Further to the news releases dated May 11, 2012,
and July 19, 2012, the outside date
for completion of Credent Capital Corp.'s qualifying transaction contemplated by the share exchange
agreement dated July 18, 2012, as amended, with Elephant Copper
Ltd., has been extended to March 15, 2013, or to such other date as the parties may agree
upon in writing. The closing of the transaction has been extended to accommodate the completion of the
financing required in connection with the transaction.
Credent announces the closing of the acquisition by Elephant of certain copper assets
located in Zambia pursuant to the share purchase agreement dated July 27, 2012, among Elephant, African Eagle Resources PLC, Twigg Resources Ltd. and Credent. The assets acquired by Elephant include a 100-per-cent interest in the Mokambo
exploration licence, a 100-per-cent interest in the Ndola exploration licence and a 49-per-cent interest in Mkushi Copper
Joint Ventures Ltd., a joint venture with Ratel Group Ltd., which holds a mining licence in the Mkushi
copper mine. Under the terms of the share purchase agreement, Elephant: (i) issued and delivered
9.05 million ordinary shares in the capital of Elephant to AFE and 5.95 million Elephant
shares to TRL; and (b) granted to AFE the right to: (i) a 2-per-cent net smelter returns royalty on production
from certain licences following commencement of commercial production; and (ii) 5 per cent of
any gross consideration received by Elephant, Credent or any affiliate from the sale to a third party of
any of the licences within 12 months after closing of the acquisition. The acquisition closed on
Nov. 30, 2012.
All of the current Elephant shareholders and any individuals who become Elephant shareholders as a
result of future financings will tender their Elephant shares to Credent on closing of the transaction in
exchange for common shares of the resulting issuer (as that term is defined in TSX Venture Exchange policies) on a 1 to 1
basis.
Credent also announces that it has been advised by Elephant that Elephant has decided not to pursue the
Nyimba project and the Lunga project and will instead focus fully on the Mokambo and Ndola
exploration licences and its interest in the Mkushi mining licence.
We seek Safe Harbor.
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