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Polo Resources investment Weatherly suspended

Polo Resources Limited announced yesterday that it has allowed its right to subscribe for a further 51,984,748 Weatherly International Plc ordinary shares at a Subscription Price of 2.925 pence per share to lapse, unexercised and in a separate announcement Weatherly said its shares would be suspended. Weatherly has no clarified its situation saying “that, in accordance with market expectations, the first copper cathode was produced from the Tschudi Project’s electrowinning circuit yesterday. Whilst copper cathode has been produced in accordance with the project schedule, there are a number of operational and technical issues relating to initial recovery of copper from the heap leach pads, which requires the Company to undertake further investigative work and evaluate these results. These are being assessed for their potential to affect the performance of the project. The Company is in the process of investigating these issues and will also be discussing them with Orion Mine Finance, its project lender, who has a secured loan over the Tschudi Project. Subject to the results of the investigative work, the Company will be defining a course of action, in conjunction with the Company’s project lender whose consent is required under the terms of the Company’s financing arrangement, and accordingly the Company’s current financial position is subject to significant uncertainty. A further announcement will be made in due course but for the reasons above the Directors have requested the suspension from trading of the shares on the AIM Market, which was effective from 13:35 on 16 February 2015.”

POL : Polo Resources investment Weatherly suspended

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