Perth, Jan 21, 2009 AEST (ABN Newswire) - CityView Corporation Limited (ASX:CVI)(PINK:CTVWF) is pleased to advise that arrangements have been completed for the termination of its relationship with Pensador Resources Inc ("Pensador").
The arrangements between the parties are comprised in three agreements:
1. Pensador has transferred to CityView 18.5% of Angola Diamond Holdings Ltd, the parent company of Canzar Resources Limited ("Canzar"), in consideration of CityView returning 862,667 Pensador shares and the termination of a US$1 million loan agreement. Canzar is the title holder of the Nhefo and Luachisse diamond concessions in Angola.
2. Pensador has transferred to CityView the benefit of loans of GBP1,100,000 (gbp) and US$3.2 million made by Pensador to Fortitude Minerals Limited ("Fortitude") in consideration of CityView transferring to Pensador its 10% NPI in Nhefo and Luachisse alluvials.
3. Pensador has terminated CityView's obligation to transfer to Pensador the refinery and the offshore oil potential rights in consideration for 3,400,000 Pensador shares.
CityView's CEO Mark Smyth said "This is an excellent deal for CityView. It frees up CityView from having any further relationship with Pensador and in return CityView becomes the largest shareholder in Angola Diamond Holdings Ltd, prior to making its intended offer (subject to shareholder approval) for the balance of the shares and also for the balance of Fortitude shares not already owned by CityView."
Contact
CityView CEO, Mark Smyth
Telephone: +61-8-9226-4788
Facsimile: +61-8-9226-4799
Web: www.cityviewcorp.com
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