Emerging Metals To Sell Entire Holding In Extract Resources

9th Jul 2010 11:51

LONDON (Dow Jones)-- Emerging Metals Ltd (EML.LN), said Friday that it has entered into an agreement to dispose of its entire holding of 368,721 shares in Extract Resources Ltd (EXT) to Nippon Uranium Resources Proprietary Ltd at a price of A$7.00 in cash per Extract share. MAIN FACTS: -The gross proceeds of the sale will be A$2,581,047, GBP1.48 million, which will be available for Emerging Metals to apply in accordance with its investing policy approved by shareholders on April 16. -The sale is conditional on certain Australian regulatory approvals and completion is expected to be no later than Aug. 17. -Extract Resources is an ASX listed uranium exploration and development company -Shares at 1050 GMT up 0.05 pence, or 2.56%, at GBP2.0 pence, valuing the company at GBP7.11 million. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 09, 2010 06:51 ET (10:51 GMT)