Highlights:
- Significant and essential step in facilitating sale process for Lennard Shelf Project completed with Binani signing a binding agreement for the conditional surrender of right of first refusal over 65% of zinc concentrate produced from Lennard Shelf Project for 7 years;
- Surrender is conditional on change of control event occurring;
- Consideration for surrender to be paid within 7 days of change of control being completed;
- Consideration for surrender will consist of:
o 15 million new and fully paid ordinary shares to be issued by Meridian to
Binani; and
o A$1.5 million cash payment by Meridian to Binani.
- In the event of change of control being completed, current loan facility of EUR6 million with Binani to be fully repaid by Meridian in cash;
- Meridian discussing a request by Northwest for possible extension of time to complete terms of non-binding HoA to sell 100% owned Lennard Shelf Project.
For further information please download PDF below:
