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- Jadar Resources (JDR) has signed the final documents needed to progress the Granite Belt purchase
- Last month, the company said it would purchase Moreton Resources’ Granite Belt portfolio in Southern Queensland
- Jadar has since completed its due diligence and has made the decision to move forward with the acquisition
- Under the agreement, Jadar will fund the care and maintenance costs until the purchase is completed, which is expected on November 25
- Company shares remain steady on the market today and is trading for three cents per share
Jadar Resources (JDR) has signed the final documents needed to progress the Granite Belt purchase.
Last month, the company signed an agreement to purchase Moreton Resources’ (MRV) Granite Belt portfolio in Southern Queensland.
Granite Belt is located near the town of Texas in the Silver Spur Basin, and includes the Texas Silver Mine.
Jadar has completed due diligence on the Texas Silver Mine assets and has made the decision to move forward with the acquisition.
Under the agreement, Jadar will fund the care and maintenance costs until the purchase is completed, which is expected on November 25.
If the agreement is terminated and the assets are sold to another party, Jadar’s payments will be treated as a priority loan.
“In anticipation of this matter being dealt with forthwith and the completion of the acquisition, the Board is assembling and securing an operational team, including a senior manager, to bring the Texas Silver Mine into production as soon as practicable,” the company told the market.
Jadar remains steady on the market today and is trading for three cents per share at 12:03 pm AEST.
