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Charles Street agrees deal for Westcork

Natural resources investment company Charles Street Capital has agreed terms to acquire Westcork Copper Mining Co.

Westcork holds six prospecting permits totalling 18,500 hectares, in the historic Allihies copper district, located in County Cork Ireland.

The acquisition, if it goes ahead, will constitute a reverse takeover and the board has requested the suspension of the company's shares from trading on AIM.

The consideration for the acquisition - which is subject to shareholder approval - is expected to be approximately £7.0m and will be satisfied by the issue of new ordinary shares.

These will be issued in three tranches following the achievement of certain milestones.

Charles Street MD Damian Conboy said: "From the initial evaluation work we have carried out we believe that the acquisition of Westcork fits our investment criteria.

"We will make further announcements at the appropriate time."

Story provided by StockMarketWire.com

13/12/2010