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Provider: Motilal Oswal Securities Ltd.

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Legend Mining Ltd Announces Sale Of 90% Interest In Camina SA To Jindal Steel And Power Ltd's Subsidiary

Tuesday, 19 Nov 2013 05:19pm EST 

Legend Mining Ltd announced that it has entered into a Share Sale and Debt Assignment Agreement (SSDAA) with a wholly owned subsidiary of Jindal Steel and Power Ltd (Jindal) for the sale of Legend’s 90% interest in Camina SA (Camina), the holding company of the Ngovayang project (Ngovayang Project or the Project) in the Republic of Cameroon (the Transaction). Pursuant to the SSDAA, Legend shall receive cash consideration of: AUD12.0 million upon completion of the Transaction (subject to working capital adjustments) (Tranche 1); and AUD5.5 million within 10 business days of the execution of a Mining Convention between Jindal and the Government of Cameroon (Tranche 2). 

Company Quote

-11.45 -7.80%
4:16am EDT