On 20 July 2011, Ram Resources Limited reported that it had executed an Option Deed with the minority shareholders (Vendors) of Greenland Resources Limited, the UK Company which holds the Motzfeldt Project in Southern Greenland and of which Ram already holds 51%, to vary the terms on which Ram may acquire the remaining 49% interest in GRL.

The Option Deed provides Ram with an option to acquire the remaining 49% interest in one stage (as opposed to three as per the terms of the Share Sale and Purchase Agreement between the Vendors and Ram dated 1 October 2010, and as varied by deed of variation dated 21 October 2010) by issuing to the Vendor 200 million fully paid shares in the capital of Ram (New Option). Pursuant to the Option Deed, Ram had 12 months to exercise the New Option.

Tags: Ram Resources Limited