Formal agreement executed for sale of Mt Ida Gold Pty Ltd to TNT Mines Ltd for $11M
Ora Banda Mining signs formal agreement to sell Mt Ida Gold. (Credit: istara from Pixabay)
Ora Banda Mining Limited (ASX: OBM) (“Ora Banda”, “Company”) is pleased to announce that it has executed a formal agreement with TNT Mines Ltd (ASX: TIN) (“TNT”) for the acquisition of 100% of the issued capital in Mt Ida Gold Pty Ltd, a wholly owned subsidiary of OBM.
As set out in the previous ASX announcement on 3 September 2021, after a competitive process Ora Banda signed a non-binding agreement with TNT to sell Mt Ida Gold for cash consideration of $11 Million.
Whilst completion still cannot be guaranteed, TNT has confirmed due diligence has materially progressed and is due for completion, along with the Approvals conditions precedent, by close of business on Friday 17 September. With the Formal Agreement and Fund Raising conditions satisfied the transaction remains on track for a September completion.
Source: Company Press Release