ECE Strategic Partnership Update
Globe Metals & Mining Limited (“Globe” or “the Company”; ASX: GBE) is pleased to announce that the Jiangsu National Development & Reform Commission has approved the revised strategic partnership between Globe and East China Mineral Exploration and Development Bureau (ECE) and the A$47.85 million placement to ECE. As previously advised by ECE, no additional Chinese Government-related approvals are required by ECE in order for it to complete the transaction.
In addition, the Company wishes to advise the market that the Australian Foreign Investment and Review Board (“FIRB”) has confirmed to ECE that no further notification to FIRB is required in relation to the revised transaction. FIRB has previously advised ECE that it has no objections to the transaction (see Globe’s ASX release of 25 January 2011), which constituted satisfaction of this condition precedent to completion of the transaction.
Lastly, the Company wishes to announce that it has agreed with ECE to make a minor modification to the Share Subscription Agreement relating to the post-completion Board structure. The composition of the Board post-completion will now comprise five ECE nominees, and all four existing directors.
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