ICP

ICP: Group's wholly-owned subsidiary AceA Resources proposed a A$2m (S$2.4m) investment into Gossan Hill Gold Ltd, subscribing for 40m new shares at A$0.05 a piece, attached with a three-year option which entitles AceA to acquire an additional 40m shares at an exercise price of A$0.10. Funding will be via proceeds of ICP's rights issue in Oct 2012. Post share subscription and full conversion of options, AceA will have a 17.2% and 29.4% stake in Gossan respectively. Separately, AceA entered into a put option agreement with ASX-listed Sovereign Gold Company. The agreement granted AceA the option to sell its Gossan subscription shares and options at cost, for a one-month period starting 1 Dec 2013, in the event the results of any due diligence carried out on Gossan is not satisfactory to AceA. Gossan is involved in gold exploration in New South Wales and has recently completed a review on a gold resource known as Mt Adrah Hobbs Pipe 1, with JORC resource estimate of 650,000 ounces of gold (1.23 g/t) @ 0.75 g/t cut-off. Sovereign currently owns 87% of the share capital in Gossan.