Richland Resources Ltd Update re: Option Agreement (9895F)
18 July 2019 - 7:47PM
UK Regulatory
TIDMRLD
RNS Number : 9895F
Richland Resources Ltd
18 July 2019
18 July 2019
Richland Resources Ltd
("Richland" or the "Company")
Update re: Option Agreement to sell the Capricorn Sapphire
Project
Richland (AIM: RLD), the Australian sapphire producer and
gemstones developer, is pleased to provide an update in respect of
the Option Agreement dated 26 June 2019 with Fura Gems Inc.
("Fura"), under which Fura has an option valid until 31 July 2019
(the "Option") to conditionally acquire from the Company: (i) all
of the issued shares of its wholly owned subsidiary Richland
Corporate Ltd ("Richland Corporate") (the "Shares"); and (ii) all
of the Company's loans to Richland Corporate (the "Shareholder
Loan") (together, the "Option Assets") (the "Proposed Disposal").
Further details of the Proposed Disposal are set out in the
Company's announcement of 27 June 2019.
Since 27 June 2019, the Company has satisfied certain of the
conditions precedent to completion of the Proposed Disposal as
follows:
i) The Company has received the requisite "no-objection" letter
from the Bermuda Monetary Authority in respect of the transfer of
the shares in Richland Corporate from the Company to Fura; and
ii) The two main licences in respect of the Capricorn Sapphire
Project, namely ML 70419 and ML 70447, have been duly renewed to 31
March 2024 by the requisite authorities in Australia.
The remaining Conditions Precedent, including obtaining the
approval of Richland's shareholders at a duly convened general
meeting and the applicable TSX-V approvals, are required to be
satisfied or waived by the longstop date of 31 October 2019 or such
later date as may be agreed between the parties.
The initial non-refundable CAD25,000 payment in respect of the
Option Fee has been duly received from Fura, however, payment of
the balancing amount of CAD125,000 remains pending, as it is
subject to TSX-V approval. Whilst the requisite TSX-V approval
process for the transaction is underway, the Company is currently
discussing with Fura a potential addendum to the Option Agreement
to facilitate this process, expedite exercise of the Option and
thereby shorten the period to Completion.
A further announcement(s) will be made, as appropriate, in due
course.
Capitalised terms used in this announcement, unless otherwise
defined herein, have the same meanings as set out in the Company's
announcement of 27 June 2019.
For further information, please contact:
Anthony Brooke Edward Nealon Mike Allardice
Chief Executive Officer Chairman Group Company Secretary
+66 81 854 1755 +61 409 969 955 +852 91 864 854
Nominated Adviser Broker
Strand Hanson Limited Peterhouse Capital Limited
James Harris Duncan Vasey / Lucy
Matthew Chandler Williams (Broking)
James Dance Eran Zucker (corporate
+44 (0) 20 7 409 3494 finance)
+44 (0) 20 7 469 0930
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Note to Editors:
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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