Noble to acquire 35.8m shares in Matilda Minerals

SINGAPORE : Commodities firm Noble on Monday said that it will subscribe in the shares of an Australian associate, Matilda Minerals.

Matilda Minerals is issuing new shares as part of its plans to recapitalise and relist on the Australian Securities Exchange.

Noble, which currently has a 32 per cent stake in Matilda, has agreed to support the capital raising exercise.

It is acquiring some 35.8 million Matilda shares through its wholly-owned subsidiary Osendo.

Osendo and Matilda will also execute a technical services agreement under which Osendo will provide Matilda with technical services and strategic advice

In return, Osendo will be issued some 24.7 million shares in Matilda

Based on an issue price of 20 Aussie cents per share in Matilda, Noble will fork out some A$7.16 million for the acquisition.

The aggregate consideration will be satisfied through internal cash resources of Osendo.

On completion of the acquisition, Noble will have a relevant interest of about 51.22 per cent in Matilda. - CNA/ms