Wednesday, 20 July 2011

Soil Sub Technologies: Perigee Capital becomes substantial shareholder

Soil Sub Technologies (ASX: SOI) had 28,064,403 of its shares acquired by Perigee Capital Pty Ltd between May 5 and July 20 through a combination of on market and off market purchases.

The shares were acquired between a price of $0.013 and $0.01, representing a consideration of about $285,000.

With a 7.63% stake in Soil Sub Technologies, Perigee Capital has now become a substantial shareholder.

Perigee Capital provides funds management services to high net worth individuals and focuses on early stage resource assets and the companies developing them.

On June 14 Soil Sub Technologies commenced due diligence on the Tasinifu Manganese Project, including the engagement of Indonesian based geologists in conjunction with Australian based geologists Ravex Pty Ltd.

The company has an option to acquire a 70% interest in the high grade manganese project, from an Indonesian company.

The project is located in West Timor in the Indonesian province of Nusa Tenggara Timur, which is becoming well known as a source of high-grade (plus 40% manganese) manganese ore.

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