Panzhihua vanadium titanium shareholder loans for carrara mining and converted into equity

On the evening of September 23, panzhihua vanadium titanium announcement, on September 22, general manager of the company office,SCH40 large diameter LSAW steel pipe review and passed the wholly owned subsidiary of anshan iron and steel group (Australia) co., LTD., shareholder loans for carrara mining co., LTD and converted into equity of the bill, decided to saddle Australia as carrara provides additional shareholder loan of $30 million, and will saddle the Australian company to carrara provides a total of $60 million all shareholder loan into the equity of carrara.

Company announcement said, recently, the company received Australia's foreign investment review board (FIRB),Carbon Steel butt-welding equal tee and the saddle Australian companies to acquire 2.16% additional equity carrara, saddle Macao carrara company holds a stake to 52.16% without objection, approved will expire on November 13, 2014. According to the saddle and carrara, gindalbie Australian company has convertible affiliate shareholder loan agreement signed, the FIRB approval triggered the shareholder loan stock condition.Carla slant on August 20, 2007, in western Australia,Long Radius 90 Deg carbon seamless elbow Australia is engaged in the iron ore exploration, acquisition and sales. Saddle Australian companies and gindalbie each own 50% of its shares.

In obtain under the premise of FIRB, saddle Australian company will provide the second phase of a $30 million loan to carrara, carrara will repay gindalbie early inject a $30 million loan funds,Hot rolled carbon steel seamless pipe at the same time gindalbie repurchase saddle Australian companies no longer offer carrara the second phase of a $30 million loan, after obtaining the national development and reform commission approved, saddle will be two of the Australian company a $30 million loan to carrara share, agreed price is $4.31 a share. Carrara to saddle Australia issued 13907283 shares in the company have to pay card lala common stock. Saddle, Australian company will hold 52.16% of card lala outstanding shares (assuming no other equity transfer or assignment) happens.