Andromeda Metals completes sale of interest in Wudinna Gold Project
Proactive Investors
Published Apr 23, 2024 11:35
Updated Apr 23, 2024 12:00
Andromeda Metals completes sale of interest in Wudinna Gold Project
Andromeda Metals Ltd (ASX:ADN, OTC:ANDMF) has completed the sale of its 25% stake in the Wudinna Gold Project to Lady Alice Mines Pty Ltd (LAM) and Cobra Resources Plc for A$500,000 in cash and A$1 million worth of Cobra shares in line with an earlier agreement.
Cash payment received
The company has confirmed that the sale and purchase has wrapped up and Andromeda’s wholly-owned subsidiary Peninsula Resources Pty Ltd has received $500,000 in cash, in addition to the 52,010,000 Cobra consideration shares issued in advance of completion.
The consideration shares are subject to escrow – subject to standard exclusions – until the earlier of:
- when LAM becomes the registered holder of the tenements applicable to the Wudinna Project (via tenement transfer or the subdivision process in section 30AA of the Mining Act 1971 (SA); or
- the date that is 12 months from the date of issue of the consideration shares.
Once the escrow ends, the consideration shares will be subject to standard orderly market provisions for a further 12 months, where if the company wished to sell the consideration shares, it would first need to notify Cobra and allow Cobra the opportunity to effect the sale via its brokers at market price.
The company also confirms that the call option for the consideration shares in favour of Cobra can no longer be exercised, as completion has occurred.
Read more on Proactive Investors AU
Disclaimer
Get The App
Written By: Proactive Investors
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.