Update re: Sunshine Minerals
Sunshine owns 80% of
Terms of the acquisition of 85% of Sunshine Minerals are summarised below:
a) An initial payment of
b) a further payment of
c) all Malachite shares issued to the vendors are subject to voluntary escrow arrangements as follows:
i. for the Upfront Consideration Shares, an escrow period applies from completion until the earlier of: (a) the date 12 months from completion; or (b) the date 10 business days after the
ii. for the Deferred Consideration Shares, an escrow period applies from the date the Deferred Consideration Shares are issued until the earlier of: (a) the date 12 months from the Deferred Consideration issue date; or (b) to the date 10 business days after the
The Agreement is subject to conditions precedent, including:
a) Sunshine entering into an agreement with
b) the shareholders of Malachite approving the transactions contemplated by the Agreement in a general meeting, including a resolution authorising the allotment and issue of the Upfront Consideration Shares and Deferred Consideration Shares to the Vendors in accordance with the ASX Listing Rules and the Corporations Act.
The Agreement is subject to standard warranties and representations for transactions of this nature.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
The Directors of
For further information please contact:
+44 (0) 78 7958 4153
James Caithie /
+44 (0) 20 7213 0880
+44 (0) 20 7469 0936
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
This information is provided by RNS, the news service of the