Zambezi Resources: Receipt of Termination Notice | Company Announcements

Wednesday 11 March, 2009

Zambezi Resources

Receipt of Termination Notice

RNS Number : 6660O

Zambezi Resources Ltd

11 March 2009

Zambezi Resources Limited

RECEIPT OF TERMINATION NOTICE

Zambezi Resources Limited ('Zambezi' or the 'Company') (AIM:ZRL; ASX:ZRL) announces that the Company today received a notice from Astron Ltd ('Astron') purporting to terminate the subscription agreement dated 28 January 2009 between the Company and Astron for the issue of 171,000,000 shares at 2 cents per share, which was the subject of resolution 3 at the Company's general meeting held on 9 March 2009. Zambezi regards the notice received from Astron as a repudiation of the subscription agreement.

Zambezi remains ready and willing and able to complete pursuant to the subscription agreement.

Accordingly, Zambezi has requested the ASX grant a suspension of the Company's securities pursuant to the ASX listing rules pending resolution or clarification of the dispute. Zambezi is not aware of any reason why the securities should not be suspended.

The Company's shares remain suspended from trading on AIM.

For Further Information please contact:

Julian Ford, Managing Director

Zambezi Resources (Australia)

+61 (08) 9216 9000

+61 (0) 418 949 580

Simon Edwards / Adam Lloyd

Evolution Securities Ltd

+ 44 20 7071 4300

Fiona Owen

Grant Thornton UK LLP

+44 20 7383 5100

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGIGDXGXBGGCB

Investegate takes no responsibility for the accuracy of the information within the site.

The announcements are supplied by the denoted source. Queries about the content of an announcement should be directed to the source. Investegate reserves the right to publish a filtered set of announcements. NAV, EMM/EPT, Rule 8 and FRN Variable Rate Fix announcements are filitered from this site.