Friday, April 17, 2009

BVI-registered Polo Resources announces acquisition of shares in Australian company

BVI-registered mining and exploration group Polo Resources Limited on April 15, 2009 acquired 250,000 fully paid ordinary shares of ASX- and TSX-listed company Extract Resources Limited. The stock was acquired through the Australia Stock Exchange, at a price of AUS$3.65 dollars (Cdn.$3.18) per share.

Some shares of Extract Resources Limited, a coal exploration company based in Australia and working mainly in Namibia, have been already owned by certain subsidiaries of Polo Resources. Now, together with the newly acquired stock, they total 22,521,700 shares, representing approximately 10.1% of Extract's fully paid ordinary shares outstanding, based on Extract's public disclosure.

The shares have been acquired by for investment purposes. Also, Polo Resources announced that, depending on market conditions, it may acquire additional fully paid ordinary shares of Extract Resources.