Australia – 23rd July, 2018 – Hardey Resources Limited, a publicly listed, junior mineral resources company based in the Pilbara region of Western Australia is pleased to announce that it has entered into a share sale agreement with the major shareholders of Vanadium Mining Pty Ltd (VanMin). The decision of the company is borne out of the desire of the company’s board to place a greater emphasis on developing the vanadium assets to facilitate evolving process of Hardy Resources Ltd into an emerging supplier of Vanadium to the renewable energy sector.
VanMin is an established mining company that has seven shareholders holding 55,900,200 fully paid shares on issue. The company was purposely established with the principal objective of acquiring Vanadium projects in Queensland and the Northern Territory. Hardey Resources Limited enters an agreement with VanMin and paid $75,000 in consideration for the grant of an option to acquire 100% of the issued capital in VanMin, exercisable at any time within 40 days from the date of the agreement. During this time, Hardey Resources Limited will undertake due diligence in relation to VanMin and six projects in Queensland and the Northern Territory. If the option is exercised, at the settlement of the acquisition Hardey Resources Limited will issue 550,000,000 fully paid ordinary shares and 550,000,000 listed options (exercisable at $0.02 on or before 30 April 2020) to VanMin shareholders.
In the last three years, the price of Vanadium has experienced a significant increase which was as a result of the twin effects of global supply bottlenecks and rising demands of the mineral resources. Before now, 90% of the globally produced Vanadium is being consumed by the Steel Industry but overtime, renewable battery sector has taken over and the demand margin from the renewable battery sector has been on the increase. The progression of this transformation will arguably propel Vanadium towards energy commodity status.
“The Board has taken the decision to evolve Hardey Resources into an emerging vanadium supplier to the renewable energy sector, which explains the move to acquire these six highly prospective projects across Queensland and Northern Territory. The new projects will complement the Nelly Vanadium Mine in Argentina and deliver Hardey Resources a solid, yet geographically diversified, platform to develop moving forward”, said Hardey Resources Executive Chairman, Terence Clee while describing the decision of the board of the company.
For more information about the Acquisition and the deal between VanMin and Hardey Resources Ltd, visit https://www.asx.com.au/asxpdf/20180719/pdf/43wmcld4k6f680.pdf or the company website on http://www.hardeyresources.com.au/projects/nelly-vanadium-mine
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Company Name: Hardey Resources Ltd
Contact Person: Sarah Smith
Email: Send Email
Phone: +618 6559 1792
Address:Suite 2/1 Altona Street
City: West Perth
State: WA 6005