IMX Resources secures deferral of Flinders Ports guarantee
28.07.2014 | FSCwire
West Perth WA (FSCwire) - IMX Resources (ASX: IXR, TSX: IXR, IXR.WT) is pleased to announce that it has successfully negotiated an agreement with Flinders Ports Pty Ltd (“Flinders Ports”) on a restructure of the guarantee provided by IMX under the port handling services contract (the “Contract”) between Termite Resources NL (“Termite”) and Flinders Ports for the Cairn Hill iron ore mine in South Australia.Flinders Ports has agreed not to make any claim on the guarantee until 1 July 2015, in exchange for which IMX has granted Flinders Ports security over IMX’s Mt Woods tenements.
Commenting on the agreement, Managing Director Gary Sutherland said: “We welcome the decision by Flinders Ports to delay any call on the guarantee until 1 July 2015, which removes the short-term uncertainty that was being caused by the guarantee and which now provides IMX significant time and flexibility to reposition and refocus the business on the exciting exploration prospects at Nachingwea.”
Under the Contract, IMX provided a guarantee in respect of any liabilities which have not been satisfied by Termite, the entity which owns the Cairn Hill iron ore mine, and which was placed in voluntary administration on 18 June 2014. IMX’s liability under the guarantee is capped at $3 million.
With the exception of the guarantee provided under the Contract, all contractual liabilities for the Cairn Hill iron ore mine are the obligation of Termite.
To view the graphic in its original size, please click here
GARY SUTHERLAND
Managing Director
For further information, please contact:
IMX Resources Ltd.
Gary Sutherland, Managing Director
Tel: +61 8 8311 1110
Phil Hoskins, Chief Financial Officer
Tel: +61 8 8311 1110
Media
Nicholas Read/Paul Armstrong – Read Corporate
Telephone: +61 8 9388 1474
E: info@readcorporate.com.au