Brisbane, Jan 21, 2009 (ABN Newswire) - The Directors of Kangaroo Metals Limited (ASX:KML) are pleased to announced that KML has entered into a non-binding Memorandum of Understanding for the potential sale of a number of KML's assets to a third party.
The Memorandum of Understanding is subject to the satisfaction of a number of significant conditions (including due diligence and execution of formal documentation).
It is expect that due diligence will be completed in the next 21 days. As announced yesterday, the Company has elected to defer the closing date of the entitlements issue so that shareholders will potentially be afforded the opportunity to consider the merits of this potential transaction (if it subsequently becomes binding) in conjunction with their investment decision under the entitlements issue.
Further details will be released to ASX in relation to this transaction as and when they become available.
(ASX code: KML) listed on the Australian Stock Exchange in April 2007 as a mining and exploration company quoted within the main resources sector. The Company has a focus on both base and precious metals exploration.
Contact
Dr Brett Teale Managing Director WEB: www.kangaroometals.com.au TEL: +61-7-3161-0397
