Chameleon asks for trading resumption

Chameleon Mining NL has asked for the suspension of its shares to be lifted by the
Australian stock exchange (ASX) on Monday after the receiver appointed by its
litigation funder was retired.
Chameleon shares were suspended on August 11 when Singapore-based International
Litigation Partners (ILP) appointed an insolvency firm as external receiver to
Chameleon.
ILP alleged the mineral explorer had breached the terms of a $20 million fixed and
floating charge secured by ILP over Chameleon that prevented the Sydney-based
Chameleon from granting security over its assets to a third party.
Chameleon allegedly committed the breach by entering into a deal with Cape Lambert
Resources Ltd.
"The Court of Appeal has made orders which cause ILP to retire the receiver today
and restrain ILP from taking any steps to enforce the charge ILP has over its assets
until final determination of the appeal," Chameleon said in a statement on Friday.
"Chameleon will request that the ASX allow trading (in) its shares to recommence on
Monday 13 September."
A funding agreement between Chameleon and ILP was terminated on August 10 but the
Supreme Court of New South Wales found ILP was entitled to an early termination fee
of $9 million and costs it had expended to date, minus monies paid by Chameleon.
ILP has appealed the Supreme Court decision with the matter listed for hearing on
October 12.
"Chameleon, by way of cross appeal, has again raised the issue of ILP being required
to hold a financial services licence," the explorer said.
Chameleon shares last traded at 2.3 cents.



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