LONDON: Strategic Minerals plc, a producing mineral company actively developing projects prospective for battery materials, has executed final unconditionally binding documentation for the acquisition from New Age Exploration Limited of 50% of Cornwall Resources Limited the joint venture vehicle holding the Redmoor tin and tungsten project located in Cornwall, England.[the_ad id=”31605″]Binding contracts now signed with an agreed settlement date of 30 May 2019.
Consideration of A$5m to be paid progressively as follows:
1) A$2m on settlement scheduled for 30 May 2019
2) A$1m on 29 November 2019
3) A$1m on Net Smelter Sales arising from Redmoor production reaching A$50m
4) A further A$1m on Net Smelter Sales arising from Redmoor production reaching A$100m.
New Age will hold a charge over the Company’s CRL shares until 29 November 2019 payment made.
Commenting, John Peters, Managing Director, Strategic Minerals, said: “SML and NAE have worked closely together to prepare final documentation for SML’s purchase of NAE’s 50% holding in Cornwall Resources Limited.
“Recent developments have shown the potential for the Redmoor tin and tungsten project to be a world class mine and, with the full control of the project, SML believes it can time its development to fit in with cash flows from Cobre and, shortly, Leigh Creek. This ability to manage cash flow requirements provides great confidence that the Redmoor project will progress in the future.”