INDUS ENERGY NL STREET ADDRESS
Unit 17, Level 2
ASX Announcement 30 SEPTEMBER 2016 QUARTERLY ACTIVITIES REPORT100 Railway Road
Subiaco, Western
Australia 6008
POSTAL ADDRESS
PO Box 8129
Subiaco East 6008
CONTACT DETAILS
Tel: +61 (0)8 9380 9920
Fax: +61 (0)8 9381 5064
info@indusenergy.com.au www.indusenergy.com.au
Share Price: $0.021 Shares: 157,453,599
Market Cap: $3.31m
BOARD & MANAGEMENT
Mr John (Gus) Simpson
Non-Executive Chairman
Mr Jonathan Whyte Non-Executive Director and Company Secretary
Mr Rhys Bradley
Non-Executive Director
Mr Ken Bull
Chief Operating Officer
ABN
22 009 171 046
ASX CODE
IND
31 October 2016
Highlights ProjectsOption Agreement entered to acquire IMD Gold Mines Ltd
CorporateCash and Cash Equivalents as at 30 September 2016 $1.43m
Option Agreement to acquire IMD Gold Mines Ltd
On 24 August 2016 Indus Energy NL (Indus or Company) announced that it entered an option agreement with Western Australia based public unlisted gold mining company IMD Gold Mines Ltd (IMD Gold). IMD Gold are currently in the process of securing an attractive portfolio of prospective gold projects in the Southern Cross region of Western Australia.
Under the option agreement Indus had the right for a period of 30 days, subject to the terms of the option agreement, to initiate the acquisition of IMD Gold and proceed to a binding sale and purchase agreement as required to implement the transaction. Following both Indus and IMD Gold having satisfactorily completed legal and technical due diligence, Indus exercised its right to initiate the acquisition and, subject to the satisfaction of some key conditions precedent, the parties will enter a binding sale and purchase agreement as required to implement the transaction.
Upon completion, the acquisition of IMD Gold would create a new ASX listed gold company with plans to acquire and develop identified near production ready assets.
The proposed acquisition would result in a change in the Company's nature and scale of its activities and will require shareholder approval under Chapter 11 of the ASX Listing Rules as well as requiring the Company to re-comply with Chapters 1 and 2 of the ASX Listing Rules and obtaining conditional approval from ASX to have its securities re-admitted to trading. The Company's securities will remain suspended from quotation pending re-compliance with Chapters 1 and 2 of the ASX Listing Rules.
Full details of the acquisition are detailed in the announcement released to market on 24 August 2016. Indus will provide a shareholder update as soon further material progress on the acquisition occurs.
www.indusenergy.com.au
CorporateBoard Changes
On 13 October 2016 Indus appointed Mr. Rhys Bradley as a Non-Executive Director. Mr Bradley is a Chartered Accountant (CA) with nine years of experience in the resource sector including the last six as a resources analyst. Mr Bradley will provide specific assistance to the Company on the IMD Gold transaction.
Mr. Bradley replaced Mr. Anthony Milewski who stepped down from the Board on the same date.
Cost Reduction Measures
The Company continues to keep all expenditure and overheads to a minimum and will maintain this policy until such point as the Company is fully engaged in operational activity.
Cash and Liquid Assets
As at 30 September 2016 the Company held cash and cash equivalents of $1.43m.
On behalf of the Board of Directors For further information contact: John (Gus) Simpson
Non-Executive Chairman
Phone: +61 8 9380 9920
Fax: +61 8 9381 5064
Email: info@indusenergy.com.au
www.indusenergy.com.au
Indus Energy NL published this content on 31 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 November 2016 09:12:03 UTC.
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