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  • World Titanium Resources Notified Of Substantial Shareholder Interest By JP Morgan 0 comments
    Apr 21, 2013 7:40 PM

    World Titanium Resources (ASX:WTR) has been notified of a substantial shareholder interest by JP Morgan, which acquired a voting power of 5.18%.

    The 15,448,518 shares were acquired at prices between $0.16 to $0.26 a share in the four months prior to becoming a substantial shareholder.

    The level of interest in World Titanium is on the rise - reflecting the size, the grade and quality of the Toliara Sands project and the proposed transaction with Sichuan Lomon Titanium, a major Chinese titanium dioxide pigment producer, to jointly develop the Ranobe Mine, part of the Toliara Sands Project.

    Underwritten issue

    World Titanium recently announced it would seek around A$3.17 million with the launch of a fully underwritten non-renounceable pro-rata entitlement issue.

    The funds will be allocated to geotechnical studies for port and road, sample analysis and processing, and permitting and approvals for the Tier 1 Toliara Sands Project in Madagascar.

    Under the deal, Lomon will contribute the US$300 million capital required to develop an 800,000 tonne per annum ilmenite mine.

    On signing of the definitive deal documents following the due diligence period, Sichuan Lomon Titanium will also subscribe for 43.25 million World Titanium shares at the 30 day VWAP to raise up to A$8.2 million.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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