Revised NBIO Received form the Robe River Joint Venture

Key points

• Revised non-binding, indicative and conditional offer received from Robe River Joint Venture
• Offer to acquire CZR's interest in Robe Mesa Iron Ore project for A$75 million
• CZR Board continues to recommend Fenix's takeover offer

Full summary

CZR Resources Ltd (ASX: CZR) has received a revised non-binding, indicative and conditional offer from the participants in the Robe River Iron Associates Joint Venture (Robe River JV) to acquire CZR's interest in the tenements comprising its Robe Mesa Iron Ore project for cash consideration of A$75 million. The revised offer removes the previous condition to negotiate and execute an asset sale and purchase agreement with Zanf Pty Ltd, with all other terms and conditions remaining unchanged. While CZR engages with the Robe River JV in relation to the revised offer, the CZR Board continues to unanimously recommend that all CZR shareholders accept Fenix's takeover offer, in the absence of a Superior Proposal. CZR directors holding CZR shares have already accepted Fenix's offer.