(MENAFN - ProactiveInvestors - Australia) Kupang Resources (ASX: KPR) has revealed that Cape Lambert Resources (ASX: CFE) remains a committed major shareholder in the company following the off-market transfer of shares to a wholly owned subsidiary.
Cape Lambert recently completed an off-market transfer of 572,409 Kupang shares to Dempsey Resources, which now holds a 13.7% interest in Kupang.
Importantly, Cape Lambert, nor any of its subsidiaries, has sold any shares in Kupang.
Cape Lambert is an Australian domiciled, cashed-up, fully funded resources and investment company, with interests in a number of resource projects and companies.
The company holds equity investments in International Goldfields (ASX: IGS), Latin Resources (ASX: LRS), Cauldron Energy (ASX: CAU) and Fe Limited (ASX: FEL) among others.
Earlier this week Kupang announced it had entered into a binding term sheet to acquire additional land in the Belu District, on the island of Timor in Indonesia.
The Company has plans to acquire 95% of the issued share capital of a local Indonesian company which is the legal and beneficial owner of an area of 926 hectares in the region and a granted production licence.
Consideration for the acquisition is A3 million in cash and the issue of 20 million shares at 0.15 each.
The land is located about 175 kilometres northeast of the Kupang Joint Venture's current land holding in the district of Kupang.
The granted production licence is a key step to the commencement of manganese exports from the joint venture's land position.
The permit is a crucial step towards production, as Indonesian law requires these permits to be in place before exports can begin.