 |   Thu Jun 28, 2007
SENNEN RECEIVES FURTHER AUS $5,500,000 FROM MIDDLEMOUNT SALE
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| | Mr. Ian Rozier, President and CEO of Sennen Resources Limited ("Sennen") is pleased to report the receipt of the 'Completion Payment' of AUS$2,000,000 and the First Tranche Payment of AUS$3,500,000 from the sale of Sennen's interest in the Middlemount coal deposit ("Middlemount") in Queensland Australia.
Under the terms of the share purchase agreement, Custom Mining (Middlemount) Pty Ltd ("CMM") will acquire all the issued and outstanding shares of Ribfield Pty Ltd ("Ribfield"), an Australian company, which is 100% beneficially owned by Sennen (News Release dated November 16th, 2006). The total purchase price for Sennen's shares in Ribfield is AUS$15,000,000. Sennen has now received AUS$6,000,000 on account of the purchase price, with two further tranches of AUS$4,500,000 each to follow, for which bank guarantees have been provided by the Noble Group Limited of Hong Kong, a well known metal trader from China and a large investor in primary resource projects in Australia.
Sennen currently has CDN$6,350,000 in the treasury with a further AUS$9,000,000 guaranteed from the sale of Middlemount. In addition, Sennen will receive AUS$10,000,000 from the sale to Anglo Coal Australia and Mitsui Coal Holdings of the Collingwood and Ownaview coal projects, also in Queensland, Australia, (News Release dated February 15th. 2007).
Upon completion of both of the above transactions, Sennen will have approximately CDN$25,500,000 in the treasury with 44,500,000 shares issued and outstanding.
For more information, please contact:
Mr. Ian Rozier, President CEO
Website: www.sennenresources.com
Email: info@sennenresources.com
#408-837 W. Hastings Street
Vancouver, BC V6C 3N6
Tel: 604 685 6851 Fax: 604 685 6493
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release. |
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| | You can view the Next News Releases item: Wed Aug 1, 2007, SENNEN RECEIVES AUS$10,000,000 FROM COLLINGWOOD/OWNAVIEW SALE
You can view the Previous News Releases item: Thu Feb 15, 2007, SALE AGREEMENT REACHED WITH ANGLO COAL AND MITSUI OVER COLLINGWOOD AND OWNAVIEW COAL DEPOSITS IN SURAT BASIN, QUEENSLAND
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