Proactive Investors - Run By Investors For Investors

Fe Limited shares surge on resumption of trade

The company is acquiring the Kasombo Copper-Cobalt Project.
Map of DRC
Drilling is underway at the project in the Democratic Republic of Congo

Fe Limited (ASX:FEL) surged 75% to $0.049 on readmittance to trading after being successful in obtaining all orders sought at a Court hearing regarding the issue of shares.

The orders were made by the Federal Court of Australia relating to the sale of 10 million shares issued by the company on 6 November 2017.

The Court ruled that the sale of shares were not invalidated by any failure of the company to comply with section 707(3) of the Corporations Act 2001 (Cth) and also relieve from civil liability any seller of these shares.

The shares were issued as consideration for the acquisition from Cape Lambert Resources (ASX:CFE) of the Kasombo Copper-Cobalt Project in the Democratic Republic of Congo.

Cape Lambert is a major Fe Limited shareholder holding 44.66% of the issued capital.

READ: Fe Limited gets the drill bit spinning at Kasombo Copper-Cobalt Project

The company has started drilling at the Kasombo project.

View full FEL profile View Profile

Fe Limited Timeline

Related Articles

Boardroom photo
September 28 2018
Ian Hobson has more than 30 years professional accounting experience with commercial roles in Australia, the UK and Canada.
November 22 2018
Lucky Minerals holds a large swathe of land in highly prospective but largely unexplored area
September 17 2018
Cash is about to start flowing into Red Rock's coffers on a significant scale

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use