(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 A$3 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.
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