White Cliff Minerals Limited (ASX:WCN) announced that they have entered into a binding tenement sale agreement with Bain Global Resources Pty Ltd (Bain), selling their Reedy South Gold Project for A$1.2M (+GST) in cash. This sale marks the successful conclusion of White Cliff Minerals’ divestment initiative of all of their Australian assets, enabling them to focus solely on their Canadian projects, where they have drilling underway at the Rae Copper Project.
Under the agreement, White Cliff’s wholly owned subsidiary, Norther Drilling Pty Ltd, will transfer the following tenements to Bain: M20/446, E20/969, P20/2289, E20/938, and E20/974. The agreement awaits approval from the Foreign Investment Review Board and Ministerial consent for the full transfer of the tenements.
The cash is scheduled to be paid in three tranches:
1 – A$200,000 – Five business days after Bain receives full FIRB approval of the purchase
2 – A$500,000 – Within three months of the Execution and Completion dates
3 – A$500,000 – Six months after the Execution date
Between the Execution date and the Completion date, Bain is required to pay all fees, rents, rates, and any other charges connected with the Tenements, including meeting all minimum expenditure requirements. The terms and warranties of this agreement are standard for a transaction of this type.
To find out more, please visit https://wcminerals.com.au/
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