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Kingsgate Consolidated Ltd Signs Binding Memorandum Of Understanding With Caravel Minerals Limited

Tuesday, 22 Jan 2013 07:38pm EST 

Kingsgate Consolidated Ltd announced the signing of a Binding Memorandum of Understanding with Caravel Minerals Limited for the sale of Kingsgate’s Western Australian and Queensland exploration assets to Caravel. The package is principally comprised of exploration areas that were acquired with the acquisition of Dominion Mining Ltd in 2011. Consideration for the sale will be shares in Caravel, with Kingsgate becoming the largest shareholder in Caravel once the transaction is completed. The principal commercial terms of the transaction outlined in the MOU includes; 135,000,000 fully paid ordinary shares in the issued capital of Caravel; and 20,000,000 unlisted options to acquire Caravel shares exercisable at AUD 0.10 on or before 3 years from the date of issue and otherwise on the terms and conditions to be agreed. 

Latest Developments for Caravel Minerals Ltd

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22 Dec 2014