Oriel Resources will acquire BVI company

Oriel Resources Plc, a UK-based chrome and nickel exploration and mining company, has announced in mid October that it has entered into two separate but inter-conditional acquisition agreements.

The first agreement is connected with Oriel’s acquiring IPH Polychrom Holding BV (“IPH”) – an unlisted Dutch holding company which is at an advanced stage of constructing a ferrochrome smelter at Tikhvin near St Petersburg, Russia.

Under the second agreement, Oriel Resources Plc will acquire Croweley International Limited – an unlisted company incorporated in the British Virgin Islands. Currently the company’s 100% beneficial owner is Alexander Nesis. At the moment of purchase, Croweley’s only asset will be cash of US$100,000,000. Oriel will purchase 100% of the issued share capital of Croweley in exchange for the issue of 102,880,584 Ordinary Shares.

These two acquisitions together make a reverse takeover of Oriel under the AIM Rules, and in each case of acquisition the consideration will be the issue by Oriel of new Ordinary Shares.

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