|
|
Article: SAMTAN Board Approves A$22.5 Million Investment In Bandanna Energy Limited (ASX:BND)
- Article from:
- abnnewswire.net
- Article date:
- September 30, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
|
Bandanna Energy Limited (ASX:BND) is pleased to announce that it has received notification from SAMTAN Co. Ltd ("SAMTAN") that the Board of SAMTAN has approved the A$22.5 million subscription by SAMTAN Aures Pty Ltd for shares in Bandanna (the "Transaction").
Completion of the Transaction is now only conditional upon approval of the Korean Government's Ministry of Knowledge Economy.
Details of the Transaction
As previously announced to the market on 24th September 2009 the Transaction, in summary, entails the following :
- A$22.5 million placement to be made to Korean energy company SAMTAN;
- Placement at A$0.60 per share;
- SAMTAN to hold 10.0% of Bandanna (fully diluted basis) following the ...