Auroch Minerals NL (ASX: AOU) – $0.120
30 Jun 2015
Auroch Minerals NL (ASX: AOU) has entered into a binding agreement to sell 100% of its Manica Gold Mining Concession 3990C located in Western Mozambique (Figure 1).
Figure 1. Location of Manica Gold Project
The purchase agreement is with AIM listed Xtract Resources plc for a total consideration of US$11.0 million in a combination of cash and equity plus assumption of project related creditors of up to US$1.5 million.
Total amount payable under the Agreement is US$12.5 million that will comprise of:
- Allotment and issue of new Xtract Resources ordinary shares to the value of US$6.5 million at completion.
- US$4.5 million in cash payable at completion
- Xtract Resources will also provide funding to settle project related creditors up to a maximum of US$1.5 million payable upon signing the Agreement.
For further information, visit www.aurochminerals.com
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