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Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: RCP
News: Latest news
Web Site: Redbank Copper
Other Articles: 11-12-200926-11-200910-11-2009

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Redbank Copper

Redbank Copper

Redbank Copper is an Australian based ASX-listed resource company (ASX: RCP) focused on the exploration and development of high grade copper sulphide targets at its Northern Territory copper project. The tenement package included numerous advanced copper targets, and has an identified JORC resource of 5.3 million tonnes at a grade of 1.44% copper.

Tuesday, November 10, 2009

Redbank Copper pays out debt, issues shares to Stirling Resources

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Redbank Copper (ASX: RCP) has reported the company will convert the secured debt held by major shareholder Stirling Resources (ASX: SRE) into equity.

In February, Stirling paid out the Macquarie Bank debt of $1.5m and assumed their security position over the Redbank assets.

Following discussions, Stirling has agreed to convert their debt into equity and release its security in order for Redbank to prepare to seek project funding to proceed with development of its high grade copper project in the Northern Territory.

Redbank will issue 91,684,353 shares at 1.7c to repay the loan (and accrued interest) and a Notice of Meeting covering the transaction will be dispatched to shareholders today.

"Redbank is very pleased Stirling has agreed to this initiative to strengthen our balance sheet as we prepare to seek project funding in order to develop our standout copper project,” Bruce Morrin, managing director of Redbank Copper, commented.

“It certainly is a vote of confidence by Stirling in othe project."

Shares in Stirling were last selling for 13c on the Australian Stock Exchange, while Redbank shares were trading at 1.4c.

Redbank Copper is an Australian based ASX-listed resource company focused on the development of the Redbank Copper Mine in the north east of the Northern Territory.

The project is located in the Redbank Mineral Field in the NT, where the company holds a substantial ground position. The region hosts significant economic copper mineralisation and is highly prospective for copper, cobalt, phosphate, manganese and uranium.

The company has an exploration program underway to expand its resource base, and is developing the project toward recommencement of production mid 2010, in line with the Mine Study released in September 2009.

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