Pacific Wildcat Resources (PAW):- Did they sell the Muiane mine to TMPL or not?

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The Pacific Wildcat Resources (PAW)Pacwild which trades on US over the counter as PAWCR say on its website and BusinessWeek summary that.”Pacific Wildcat Resources Corp., an exploration stage company, engages in the acquisition and development of rare earth, tantalum, and niobium mineral properties in Africa. It primarily focuses on the resource definition of the Mrima Hill rare earth and niobium project in Kenya. The company also owns and operates the Muiane tantalum mine in Mozambique. Pacific Wildcat Resources Corp. is headquartered in Vancouver, Canada.” While it was reported in the news and still carried by AllAfrica on 20th september 2012 that it sold 100% of its interests in the mine to TMPL for US$3million plus 8.8 million of shares.

Market Wired also carried the story although we have not found it on the company website achieves
The news story is reproduced below:

Maputo — The Canadian company Pacific Wildcat Resources (PAW) has sold its Tantalum assets in Mozambique to Muscadine Ltd, a company registered in the British tax haven of Jersey.

A Tuesday press release from PAW announced the sale of 100 per cent of the shares of its Mozambican subsidiary, Tantalum Mineracao e Prospecao Limitada (TMPL) to Muscadine. TMPL’s main asset is the tantalum mine at Muiane, in the central province of Zambezia.

Muscadine already owned rights to gemstones on all TMPL properties, and now acquires the tantalum rights as well.

Under the agreement, Muscadine must pay PAW three million US dollars in cash, and also transfer to PAW the 8.8 million shares in PAW that Muscadine currently owns.

PAW says it is selling off its Mozambican subsidiary in order to concentrate on its niobium and rare earth project at Mrima Hill in Kenya.

Cited in the release, the PAW Chief Executive Officer, Darren Townsend, said “While we believe in a strong future for TPML, given the current state of the capital markets and with a view to minimizing dilution of shareholders at current low equity prices, we believe the sale of the TPML asset in order to finance ongoing activities at Mrima Hill is beneficial to the company”.

Tantalum is a rare metal used in the production of electronic capacitators.

These are found in mobile phones, computers, digital cameras and various other electronic devices. Its high melting point and resistance to corrosion and to chemicals make tantalum ideal for use in very small components.

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