On 2 June 2020, the Directors of Aus Tin Mining Limited (Aus Tin Mining or the Company) announced that the Company had, at the request of Ten Mining Pty Ltd (Ten Mining), agreed to a 30-day extension for the signed Heads of Agreement for the effective disposal of the Granville Tin Mine (Granville) on the west coast of Tasmania.
The Heads of Agreement executed by the parties provided for Ten Mining to acquire all the shares in Ten Star Mining Pty Ltd (100 percent subsidiary of Aus Tin Mining that owns Granville) and as consideration pay Aus Tin Mining $365,000 and a further $635,000 for existing environmental bonding commitments by a revised settlement date of 2 July 2020. The Heads of Agreement also included an exclusivity provision that excluded Aus Tin Mining from pursuing a competing proposal.
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