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BRIEF-Pelican Resources says sale of Sibuyan Nickel Properties Development Corporation

Published 16/09/2015, 10:27 am
© Reuters.  BRIEF-Pelican Resources says sale of Sibuyan Nickel Properties Development Corporation

Sept 15 (Reuters) - Pelican Resources Ltd PEL.AX :

* Sale of sibuyan nickel properties development corporation

* Appointment of the receivers and managers forms part of a recapitalisation

and restructure proposal

* Company expects dynamo to complete its technical, legal and financial due

diligence investigations shortly

* Entered into mou with dynamo atlantic limited for sale of 100% ownership of

sibuyan nickel properties development corporation

* Cip will also be granted 14.5 million advisor options which will vest on

completion of an acquisition by Pelican

* Says it is proposed the incentive options will be exercisable at $0.02 and

expire on 31 December 2019

* Company proposes to grant of 20 mlnincentive options to directors

* Source text (http://bit.ly/1W1mexG)

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