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Resource And Investment NL to acquire Peak Hill Metals Pty Ltd from Montezuma Mining Company Ltd

Thursday, 30 Jan 2014 06:30pm EST 

Resource And Investment NL(RNI):Says has negotiated an increase and extension of the company‚Äôs finance facility with Taurus Resources No.2 Fund (Taurus).Says the original Taurus facility has been increased from A$15 million to $19.5 million.Says the date for repayment of the facility has been extended by approximately 12 months to Feb. 7, 2015.Says the facility has enabled the RNI, through its wholly owned subsidiary, Grosvenor Gold Pty Ltd, (Grosvenor Gold) to exercise an option to acquire from Montezuma Mining Company Ltd 100% of the issued capital of Peak Hill Metals Pty Ltd.Says the consideration payable to Montezuma comprises A$2.8 million in cash, 8.4 million fully paid ordinary RNI shares and 2.1million unlisted RNI options exercisable at 35c per share within three years from the date of issue.Says Grosvenor Gold will pay Montezuma a 1% gross royalty, capped at A$1 million, on all revenue received from production at Peak Hill.Payment of the A$2.8 million option exercise price, plus an additional payment of A$594,300 as a refund of the cash collateralised environmental bonds over Peak Hill, was made to Montezuma on Jan. 30.Says arrangement with Montezuma, completion of the share and option issues and ownership transfer documents is scheduled to be finalised on Jan. 31. 

Company Quote

31 Aug 2015