Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to announce that it has successfully completed the divestment of its 75% interest in the Livingstone Gold Project (Livingstone) to Metal Bank Limited (ASX: MBK) as announced on 25 October 2021. The upfront consideration of $2.5 million in cash and $1 million in Metal Bank shares with attaching options has been paid today.
In addition to the upfront consideration, Kingston is entitled to received further milestone payments comprising:
• $1.5 million cash payment upon the identification of a 100koz gold equivalent JORC Resource or 12 months post-completion, whichever is sooner;
• $1.0 million cash payment upon the identification of a 250koz gold equivalent JORC Resource; and
• $4.0 million cash payment upon the identification of a 500koz gold equivalent JORC Resource.
For more information, download the attached PDF.
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