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As announced on 2 December 2008, Paladin has made an off-market scrip takeover offer (Offer) for the Company. It is a condition of this Offer that Fusion enters into a settlement and release deed with Cazaly settling all outstanding claims and liabilities due by Fusion to Cazaly in relation to the Shovelanna Iron Ore Project and releasing Fusion from any and all claims and liabilities to Cazaly, as set out in section 12.8(r) of Paladin's bidder's statement dated 17 December 2008 (as supplemented by a supplementary bidder's statement dated 19 December 2008).
The Company has agreed to pay a settlement sum of A$201,948 to Cazaly in consideration for the release and discharge provided by Cazaly to Fusion.
SOURCE: Fusion Resources Limited
David Berrie, Managing Director, Telephone: +61 8 9322 6322, Facsimile: +61 8 9322 6558
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