ITOCHU Corporation

July 12, 2010 08:26 ET

ITOCHU Corporation Agrees to Acquire Interest in Extract Resources Limited

TOKYO, JAPAN--(Marketwire - July 12, 2010) - As previously announced, ITOCHU Corporation ("ITOCHU"), through its wholly-owned subsidiary, Nippon Uranium Resources (Australia) Proprietary Limited ("Nippon Uranium"), has agreed to purchase an aggregate of 25,107,278 ordinary shares in the capital of Extract Resources Limited ("Extract Shares"), representing approximately 10.3% of the issued and outstanding Extract Shares, subject to the fulfilment of certain conditions.

Pursuant to an agreement dated July 8, 2010 (the "Polo Agreement") with Polo Resources Limited and its subsidiary Polo Australasia Limited, ITOCHU, through Nippon Uranium, has agreed to purchase an aggregate of 22,550,849 Extract Shares, subject to the fulfilment of certain conditions with respect to certain of these Extract Shares. In addition, pursuant to agreements dated July 8, 2010 with Regent Mercantile Holdings Limited (the "Regent Agreement") and Emerging Metals Limited (the "Emerging Metals Agreement"), ITOCHU, through Nippon Uranium, agreed to acquire 2,187,708 Extract Shares and 368,721 Extract Shares, respectively, in each case subject to certain conditions.

Pursuant to the terms of the Polo Agreement, the sale and purchase of 3,900,000 Extract Shares is expected to close on July 15, 2010 while the sale and purchase of 18,650,849 Extract Shares is expected to close five business days following the fulfilment of certain conditions but no later than August 17, 2010. In addition, the sale and purchase of the Extract Shares pursuant to the Regent Agreement and the Emerging Metals Agreement, respectively, are also expected to close five business days following the fulfilment of certain conditions but no later than August 17, 2010.

For the purposes of applicable Canadian securities law, ITOCHU is deemed to have beneficial ownership of the Extract Shares on the basis that it has acquired the right, whether or not on conditions, to acquire beneficial ownership of the Extract Shares within 60 days.

ITOCHU has agreed to acquire the Extract Shares for AUD$7.00 in cash per share or approximately CDN$6.36 per share and it intends to acquire the Extract Shares for investment purposes, and may increase or decrease the investment in these securities depending on future market conditions and subject to compliance with applicable laws.

For further information, or for a copy of the early warning report filed in respect of this transaction, please contact: Shuzo Kato, ITOCHU Corporation, 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan; Tel: +81-3-3497-6678.

Contact Information

  • ITOCHU Corporation
    Shuzo Kato
    +81-3-3497-6678