Pangang Vanadium and Titanium provides shareholder loans for Carrara mining and converts to equity

Securities Times Network (www.stcn.com) September 23 September 23 Evening, Pangang Vanadium Titanium (000629) Bulletin, September 22, the company convened general Manager office, considered and adopted the " With regard to the motion of the wholly-owned subsidiary Angang Group Investment (Australia) limited to provide shareholder loans to Carrara mining Company Limited and convert it to equity, the company decided to provide Carrara with an additional 30 million Australian dollar shareholder loan. The total of 60 million AUD shareholder loans offered by the Carrara to the company are converted into Carrara shares. Financial profit and demand savings rate 1000% Company announced recently, the company received the approval of the Australian Foreign Investment Review Committee (FIRB), its Carrara for the purchase of 2.16% of the additional equity, the Carrara of the saddle-o company to increase the proportion of shares to 52.16%, no objections, The official reply is valid until November 13, 2014. According to the agreement on convertible shareholder loan signed by the Carrara and the FIRB, the approval of the company has triggered the conditions for the conversion of shareholder loans to shares. Carrara was founded in August 20, 2007, in Australia State Of Western Australia engaged in iron ore exploration, selection and sales business. The company and the AU will each hold their 50% per cent stake. On the premise of obtaining FIRB approval, the company will provide the Carrara with the second phase of the 30 million Australian dollar loan, Carrara will repay the gold in the early period of the 30 million Australian dollar loan funds injected, while the company will no longer buy back to the Carrara to provide the second phase of the 30 million Australian dollar loans, After obtaining the approval of the National Development and Reform Commission, the company converted the two-year 30 million Australian dollar loans into Carrara shares, with an agreed price of $4.31 per share. Carrara will issue 13,907,283 shares of Carrara common stock to the company. At that time, the company will hold 52.16% of the Carrara issued shares (assuming no other share transfer or distribution).