Vancouver, Canada, June 21, 2013 --(PR.com
)-- Shenba Resources Holdings Limited (“Shenba”) announced that it has sold Cadman Resources Ltd. (“Cadman”) on option that allows it to acquire 75% per cent of Tung Wing Trading Co. Ltd. (“Tung Wing”), a Tanzania registered company with interest in three (3) mineral properties in Tanzania (the “Transaction”). Pursuant to Cadman’s press release dated June 10, 2013 Shenba confirms receipt of consideration including 10,000,000 common shares of Cadman (“Common Shares”). The Common Shares were issued based on the acquisition of a mining property exemption. As a result of the Transaction Shenba owns 38.05% of the issued and outstanding Common Shares on an undiluted basis as of the date of this news release.
The Common Shares are being acquired for investment purposes and Shenba may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares whether in the open market, by privately negotiated agreement or otherwise.
Shenba Resources Holdings Limited is located at Rm. 3820 Mei Ting House, Mei Ting Estate, Tai Wai, New Territories, Hong Kong. A copy of the report relating to this acquisition can be obtained from Kin Man Ting at 852 951 164 58 or on Cadman’s profile at www.SEDAR.com.
The filing of this report is not an admission that an entity named in the report owns or controls any described securities or is a joint actor with another named entity.