- Golden State Mining’s (GSM) planned sale of the Cue Project has been terminated, after the buyer was unable to complete the purchase
- GSM announced in October it was selling the asset, with private business Cue Revival agreeing to buy it for $1.25 million, including a $225,000 upfront payment
- The first signs of trouble emerged when Cue Revival extended the purchase completion date from November 25 to December 23
- GSM now advises it’s terminated the sale as Cue Revival is “not ready” or “willing” to complete the deal, with Golden State to hold on to the $225,000
- Shares in Golden State Mining are down 2.44 per cent at 8 cents
Golden State Mining’s (GSM) planned sale of the Cue Project has been terminated after the buyer was unable to complete the purchase.
GSM announced on October 28 that it was planning to sell the asset, located in the Murchison region of Western Australia.
Private business Cue Revival agreed to buy the Cue Project for $1.25 million in consideration, including a non-refundable $225,000 upfront payment to GSM.
Explaining the purpose of the sale, Golden State Mining said it would allow them “to focus on its gold and lithium exploration at Yule in the Mallina Basin”.
The first signs of trouble emerged in late November, when GSM revealed Cue Revival had extended the purchase completion date from November 25 to December 23.
Finally, on Wednesday, the ASX-listed mining business announced it had terminated the agreement with Cue after it missed the extended closing date.
Specifically, Golden State said that Cue Revival “has not been ready, willing and able to complete the agreement”.
GSM will walk away from the terminated sale with the $225,000 upfront fee, with plans already in motion to potentially sell the asset in 2022.
The company noted it would progress and realise value from the WA-based asset across the next year.
Shares in Golden State Mining were down 2.44 per cent at 8 cents each at 12:00 pm AEDT.