www.carpentariaex.com.au
Carpentaria Exploration (ASX: CAP) is an exploration company focused on discovering base, precious metals and bulk commodities in eastern Australia. The company currently has interests in iron ore, tin, gold, copper and coal exploration projects. Discoveries to date include: Hawsons Iron Project - NSW and the Euriowie Tin Project - NSW.
Carpentaria Exploration reports Conglin withdraws takeover offer
Carpentaria Exploration (ASX: CAP) has reported that Australia Conglin International Investment Group Pty Ltd has withdrawn its proposal to make a takeover offer for the company.
Carpentaria signed a conditional non-binding and indicative letter with Conglin on 13 July 2010, in which Conglin proposed to make a takeover bid to acquire all of the shares in Carpentaria not already owned or controlled by Conglin.
Carpentaria entered into a Confidentiality and Exclusivity Deed with Conglin, however, Carpentaria is no longer bound by the terms of this deed.
As part of its evaluation of the proposal, Carpentaria had a number of discussions with Conglin including discussions regarding the price at which the Carpentaria Board would recommend the proposal to its shareholders.
The company received a letter from Conglin at approximately 7:00 p.m. on 15 July advising that they had decided not to proceed with the proposal. No reasons were given regarding their decision not to proceed.
Chris Powell, company secretary and CFO, said the withdrawal of this proposal allows Carpentaria to continue with its exploration campaigns on its projects including drilling, scoping and pre-feasibilty work at the Hawsons Iron Project, and soon to commence drilling at the Euriowie Tin project and Panama Hat Gold project.


















