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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

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