Under the revised terms of the Option Agreement, total remaining consideration for the purchase of the Mt Carrington Project is as follows:
- Total cash consideration of A$685,000 (reduced from A$850,000).
- 2.0 million Rex Shares.
- A$150,000 in the form of Rex Shares, based on VWAP of Rex Shares during the 30 trading days prior to completion or alternatively Rex can elect to pay in cash.
- Assumption of the bond and liabilities associated with the mining leases and exploration licences.
The sale is conditional upon Rex obtaining the renewal of the Mining Leases, and the consent from the Minister to the transfer of the Mining Leases to Rex.
About Rex Minerals Limited
The strategy at Rex Minerals Limited is to acquire highly prospective projects with the potential to host large resources in commodities that are in high demand. Rex has ownership of projects covering the commodities of Gold, Silver, Copper and Iron. They are located in two states (SA and NSW) and are within geological terrains that are known for their endowment in these commodities. Rex then applies its extensive technical experience and existing drilling capacity to progress these projects. These projects will lay the foundations for long term internal growth of Rex as we forge ahead to become a diversified exploration and mining company.
Contact
Steven OlsenManaging Director
Or
Janet Mason
Company Secretary
Tel: +61-3-5337-4000
Email: info@rexminerals.com.au
www.rexminerals.com.au
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