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Phoenix Copper Ltd Announces Sale Of Leigh Creek Copper Mine Pty Ltd To Clean TeQ Holdings Limited


Thursday, 24 Oct 2013 02:00am EDT 

Phoenix Copper Ltd announced that it has signed a non-binding term sheet with Clean TeQ Holdings Limited for the sale of Phoenix’s wholly owned subsidiary Leigh Creek Copper Mine Pty Ltd (LCCM). Completion of the sale, is scheduled to occur no later than January 22, 2014. Consideration to be received by Phoenix will include $750,000 cash at completion, with further payment(s) of up to $250,000 based on 20% of the net profit after tax of LCCM’s operations. Clean TeQ has been granted exclusivity during the due diligence period for which it will pay Phoenix Copper an additional $10,000 per month. Phoenix Copper was advised by Fortis Agō corporate finance in relation to the sale of LCCM. 

Company Quote

0.05
-0.0010 -1.96%
28 Aug 2014