Mr. Jeremy Link reports
MINERA IRL ISSUES SHARES TO RIO TINTO FOR FIRST INSTALMENT OF FINAL OLLACHEA PAYMENT
Minera IRL Ltd. has issued 44,126,780 ordinary shares of the company at a price of 17.9 cents (equivalent to 16.9 U.S. cents) to Rio Tinto Mining and Exploration Ltd. to settle the first instalment of the final Ollachea payment ($7.31-million (U.S.)) and interest due ($128,000 (U.S.)) as detailed in the company's announcement dated Dec. 24, 2013.
The final instalment of $14.19-million (U.S.), representing the remaining 66 per cent of the total amount payable, is not due until July, 2016, with interest accruing at 7 per cent per year, and is payable annually in July.
Application has been made for the shares to be admitted to trading on AIM. The shares will rank pari passu with the existing ordinary shares in the company, and it is expected that dealings in these shares will commence on Feb. 3, 2014. Following admission, Minera IRL will have 226,951,005 ordinary shares outstanding, and Rio Tinto will hold 44,126,780 ordinary shares, representing approximately 19.44 per cent of the issued share capital in the company.
We seek Safe Harbor.
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