Rex International gets 1.21m Fram shares worth US$7m

REX International has received 1.21 million shares in Fram Exploration ASA at US$5.80 apiece. The number of shares issued was reduced from 1.27 million.

Valued at US$7 million, the shares represent 4.79 per cent of the enlarged share capital of Fram. The transaction, completed on Nov 20, was in exchange for Rex's wholly owned subsidiary Rex US's 20 per cent direct interest in Fram's Colorado and North Dakota concession, and a cash payment of US$4.51 million.

Rex now holds 27.86 per cent of the issued share capital of Fram, and no longer has any direct interest in the US concessions.