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Perpetual Mining Holding Limited Signs Binding Agreement With Mindax Ltd To Acquire 51% Of Yilgiron Pty Ltd

Monday, 14 Oct 2013 11:38pm EDT 

Mindax Ltd announced that a binding Shareholders and Development Agreement relating to Yilgiron Pty Ltd (YPL) (Agreement) has now been signed with Perpetual Mining Holding Limited (PMHL). A summary of the principal terms of the Agreement are as follows: PMHL will acquire 51% of current MDX subsidiary YPL for a total consideration of $52.3 million. As referred to above, part of the subscription price $8,297,000 will be paid on subscription and the balance will be paid in connection with completion of the feasibility study and the construction of the mine. MDX will convert its current intercompany loan of approximately $17 million to YPL into equity in YPL and MDX will hold 49% of the increased share capital. YPL will be the vehicle which owns the Mt Forrest Iron Project and associated infrastructure tenements. 

Company Quote

6 Aug 2015