Spur Ventures Announces Granting of Extension to Complete Zhong Chuan Financingadmin
Friday, August 29th 2008
Spur Ventures Inc. announced that Spur has agreed to grant Zhong Chuan International Mining Holding Company Limited an extension until September 26, 2008 to complete the financing announced in the Company’s April 14, 2008 press release. Zhong Chuan has asked for the additional time in order to deal with technical and procedural issues in China that have resulted in delays in the transfer of funds to Canada. The Toronto Stock Exchange has approved the extension.
Zhong Chuan has confirmed its continued commitment to the completion of the financing, which includes an initial investment by Zhong Chuan of $11.34 million and was approved by 98.6% of the shareholders who voted at Spur’s annual general meeting on June 24 of this year.
Spur Ventures Inc. aims to be the premier integrated fertilizer manufacturer in China, with plans to produce up to one million tonnes per year of high-quality compound phosphate fertilizer for domestic consumption in the central province of Hubei, China. These expansion plans include the development of the largest phosphate deposit in China, located near Yichang City.