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Rey Resources snares Crystal Yield Investments as cornerstone investor

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Rey Resources (ASX:REY) will no longer have Crystal Yield Investments, as a direct investor in the Duchess Paradise coal project in Western Australia's Canning Basin, but will see Crystal invest in Rey via a share purchase.

Crystal will subscribe for an additional $1.36 million in Rey shares at $0.08 and it will become a 19.9% shareholder in Rey.

Crystal will receive 53,571,429 Rey shares in consideration for the $3 million payment received for Stage 1, and a further 17,000,000 Rey shares pursuant to the placement, taking Crystal’s relevant interest to 125,571,429 Rey securities.

Jin Wei, a principal of Crystal, is proposed to become a non-executive director on the Rey board, expected to be effective prior to year's end.

Crystal is a privately held investment company based in Hong Kong, and currently holds a relevant interest in 55 million shares in Rey, via its parent Ricky Holdings. 

The $1.36 million to be raised via the placement will provide Rey with a total cash balance of $6.5 million, sufficient to finance its oil and gas exploration activities to the end of 2014.

 

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.

Quick facts: Rey Resources Limited

Price: 0.26 AUD

ASX:REY
Market: ASX
Market Cap: $55.17 m
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