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Rift Valley Resources Ltd Agrees To Acquire Sable Minerals Pty Ltd


Tuesday, 19 Nov 2013 05:13pm EST 

Rift Valley Resources Ltd announced that it has executed a sale and purchase agreement to acquire 100% of Sable Minerals Pty Ltd. The key terms of the agreement are as follows: An all script purchase with a deemed value of $1.5 million; Payment by way of Rift Valley shares in two tranches; The first tranche of $800,000 at $0.02, equal to 40 million shares escrowed for 12 months; and The second tranche of $700,000 to be issued in 12 months from date of signing at the 15day value weighted average price. The acquisition of Sable Minerals and its Angolan company subsidiaries will give Rift Valley the ownership of 70% of the Ozango Project, with the other 30% being held by the Angolan State and Nationals. 

Company Quote

0.033
0.0010 +3.13%
17 Sep 2014