Disposal of Cheritons East Tenement
The Directors of Riedel Resources Limited (Riedel) are pleased to advise that Riedel’s wholly owned subsidiary, AuDAX Minerals Pty Ltd (ADXM), has entered into a conditional agreement (Agreement) for the disposal of a 100% interest in the Cheritons East Tenement EL77/1223 (Tenement) to Silverstone Minerals Pty Ltd (Purchaser), a wholly owned subsidiary of Silver Stone Resources Limited (Silver Stone).
Mr Franzen, Executive Director of Riedel, said “the disposal of the Cheritons East Tenement will enable Riedel to focus on its material assets located in other areas of Western Australia.” (See Figure 1 of the ASX announcement for project locations)
Material Agreement Terms
The Agreement is conditional upon ASX granting Silver Stone conditional approval to be admitted to the Official List of ASX, subject only to completion of the Agreement occurring and the satisfaction of such other conditions as may reasonably be within Silver Stone’s control.
The purchase consideration comprises:
(a) the issue to Riedel at completion of the Agreement of 500,000 fully paid ordinary shares in the capital of Silver Stone; and
(b) $100,000 cash (plus any applicable GST); and
(c) $10,000 for costs incurred by ADXM in respect of the Tenement.
Upon completion of the Agreement, Silver Stone will hold a 100% interest in EL77/1223, known as Cheritons East.
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