Lamboo Resources Limited (ASX:LMB)
(“Lamboo" or "Company”) is pleased to announce it has executed a binding agreement for the payment of US$2,000,000 from China Sciences Hengda Graphite Corp. (“Hengda”).
On 1 July 2014 LMB, Hengda and Hengda’s largest shareholder Mr Wang Fengjun(together the “Parties”) entered into a framework agreement (the “Framework Agreement”) to merge.
Pursuant to the terms and conditions in the Framework Agreement, on 4 July 2014 LMB paid to Mr Wang Fengjun the sum of US$2,000,000 as a refundable deposit (the "Refundable Deposit").
The Framework Agreement has been terminated.
For further information please download PDF attached: