Liberty cancels Indonesian manganese prospect acquisition
Monday, December 8 2008 - 10:41 AM WIB
ASX-listed mineral explorer Liberty Limited said on Monday it has canceled plan to acquire 70 percent stake in a manganese prospect on the island of Flores, East Nusa Tenggara province.
The company the decision was made after legal due diligence showed an ?unacceptable risk? and ?legal uncertainties? associated with the transaction.
Under the provision of Term Sheet signed on July 20, 2008, Liberty was to acquire 70 percent shares of Alligard Investment Limited, a BVI company which controls PT. Manggarai Manganese, an Indonesian company that owned the permits for A$1.6 million.(alex)