Globe Metals shareholders approve Chinese investment

Author: RWE
Source: RWE News
Sydney - Tuesday - April 12: (RWE Aust Business News) -GlobeMetals & Mining Limited (ASX: GBE) has announced that at the company's Extraordinary General Meeting (EGM) held earlier, Globe's shareholders unanimously approved the A$47.85m investment in Globe by East ChinaMineral Exploration and Development Bureau (ECE).

Globe's current Executive Chairman, Mr. Mark Sumich, said "we aredelighted with such a high level of support from shareholders for thestrategic partnership with ECE, as well as the extent of shareholder participation, which was abnormally high."

"What was also pleasing was the breadth of support for the transaction across the share register. 8 of the top 10 non-custodial/nominee holders and 16 of the top 20 voted in favour of the resolution, as well as 76 holders with 50,000 or fewer shares (8 against)." "We welcome ECE onto Globe's share register, and look forward to working with them in the next phase of the Company's growth and development."

Attached to this market release is a copy of a press release by ECE's Chairman, Mr. Shao Yi, in relation to the shareholder approval.

'Open Source' Rare Earth Policy As part of this transaction, ECE has given to the Australian Foreign Investment and Review Board binding undertakings to the effect that any of Globe's product off-take agreements relating to rare earth products will occur on an arms length commercial basis, that any parties wanting to enter into off-take agreements will be given reasonable and commercial opportunity to negotiate, and that any revenues from the sale.