ITOCHU Corporation

August 13, 2010 08:22 ET

ITOCHU Corporation Completes Acquisition of Interest in Extract Resources Limited

TOKYO, JAPAN--(Marketwire - Aug. 13, 2010) - ITOCHU Corporation ("ITOCHU") announced today that it has completed the acquisition of 18,650,849 ordinary shares in the capital of Extract Resources Limited ("Extract Shares"), which, together with its existing Extract Shares, raised ITOCHU's holdings to 25,107,278 Extract Shares or approximately 10.3% of the issued and outstanding Extract Shares.

ITOCHU acquired the Extract Shares through its wholly-owned subsidiary, Nippon Uranium Resources (Australia) Proprietary Limited ("Nippon Uranium").

As previously announced, ITOCHU, through Nippon Uranium, had agreed with Polo Resources Limited ("Polo") and its subsidiary Polo Australasia Limited to purchase an aggregate of 22,550,849 Extract Shares. The 18,650,849 Extract Shares acquired today had been subject to the fulfilment of certain conditions while the acquisition of the balance of the 3,900,000 Extract Shares had been completed earlier pursuant to the terms of the agreement with Polo and is subsidiary.

In addition, pursuant to previously announced agreements with Regent Mercantile Holdings Limited and Emerging Metals Limited, ITOCHU, through Nippon Uranium, had acquired earlier an aggregate of 2,556,429 Extract Shares.

ITOCHU acquired the Extract Shares for AUD$7.00 in cash per share or approximately CDN$6.36 per share. It acquired 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 being 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