Further to its announcement of October 22nd2012 Toledo Mining Corporation plc announce that,following final discussions held between 14 and 18 December with DMCI Mining Corporation,the Company has exchanged contracts for the sale of the 31%shareholding in Nickeline Resources Holdings Inc to DMCI Mining
Toledo also anticipates the imminent completion of its purchase from ENK plc of the 18.7%direct stake in BNC in accordance with the Company's exercise of right of first refusal announced on 29 June 2012.
DMCI Mining,which has a 17.01 percent interest in the Company,is deemed to be a related party of Toledo as it is a subsidiary of DMCI Holdings Inc and Isidro Consunji is a director of the Company.Accordingly,the entering into legally binding sale contracts is deemed to be a related party transaction as defined by Rule 13 of the AIM Rules for Companies.The independent directors of the Company(Mr Consunji being recused)confirm as required by Rule 13 of the AIM Rules for Companies that they consider,having consulted with the Company's nominated adviser,that the terms of the Sale is fair and reasonable as far as the Company's shareholders are concerned.
Mr Victor Kolesnikov CEO said that"I am delighted that the agreements have been finalised under which the Company will be receiving payment of USD 6,552,000 from DMCI Mining for the sale of the indirect interest in BNC and the parties have agreed that Toledo will use these proceeds to settle the USD 5,896,800 balance of purchase price payable to ENK plc for the 18.7%stake in BNC."
