Winmar Resources (WFE)

Shares / Stock Code

WFE

Stock Exchange / Sharemarket

ax

Winmar Resources (WFE) was incorporated on 18 January 1999 as Inside Holdings Pty Ltd, the Company went through several name changes and was previously engaged in computer manufacturing, distribution and information technology equipment retailing. The Company was suspended from listing on the ASX on 22 July 2008 and subsequently, went into voluntary administration.

Pursuant to a meeting of creditors, a deed of company arrangement was executed on 20 February 2009 with a further meeting of creditors of the Company held on 20 April 2009 at which it was resolved that the Company execute a revised deed of company arrangement at which point the management of the Company passed from the administrators to the directors of the Company. On 6 October 2009 a creditors dividend of $116,886 was paid to settle the deed and on 30 October 2009 the Company was released from the deed of company

Winmar has entered into an Agreement with Cazaly Iron Pty Ltd for the sole and exclusive right to earn-in to an initial 51% interest in the Hamersley Project by paying $400,000 (amount already paid) and a further $3.1 million plus 2.5 million Shares by 27 March 2011 (or such later date as may be agreed between Cazaly Iron and Winmar) and by Winmar providing funding of up to $6 million or completion of a DFS, at the earliest time (“Earn-in Requirements”).

During this period, Cazaly Iron’s interest in the project is effectively free carried. Prior to Winmar fulfilling its Earnin Requirements, Cazaly Iron will manage and operate the Project. Furthermore, Winmar may acquire 100% of the project by paying Cazaly Iron $0.50/tonne of its participating interest in a JORC compliant mineral resource within 18 months, or if between 18 months and 36 months, $1.00/tonne of Cazaly Iron’s participating interest in a JORC compliant mineral resource.