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Aranjin Resources Announces Sale of Brazil Subsidiary21.07.2020 | 23:30 Uhr | Newsfile
Ulaanbaatar, July 21, 2020 - Aranjin Resources Ltd. (TSXV: ARJN) (the "Company" or "Aranjin Resources") announces that it has concluded an agreement to divest its Brazilian subsidiary, Five Star Mineracao Ltda, to a private investor group for future consideration. As noted in Company filings over the past 18 months, investor appetite for investment in the diamond mining sector has been very low. The Company has been unable to secure investors to support the development of the Company's Brazil diamond assets, and this situation has been further exacerbated by the COVID-19 public health crisis. The Company is pleased to announce the sale to a private investor with the expectation that we can recoup some investment through the contingent consideration. We have transferred all related assets and liabilities to the purchaser. The total consideration payable by the purchaser is composed of a cash payment of up to C$4M plus a 1% NSR on any production at the Catalão Project, based on future sales locally or exported. The cash payment portion of the purchase price will be due when the Catalão Project becomes operational, per below:
Mr Wood, Chairman of Aranjin Resources stated, "We are very pleased to be able to divest our diamond assets whilst maintaining upside to potential development scenarios in the future. Aranjin Resources will now be exclusively focused on discovering copper deposits in the world class and underexplored copper provinces of Mongolia. Exploration programs have commenced and additional acquisition opportunities are being assessed." On behalf of the Board Matthew Wood NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Correction of finder's fees To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60226 Dieser Artikel stammt von Rohstoff-Welt.de
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