- Kingsrose Mining (KRM) enters into a process deed with Indonesian investment company PT Kreasi Cemerlang Lestari (PTKCL)
- The process deed is PTKCL to potentially acquire the Way Linggo gold project via the sale of the entire issued capital of Kingsrose Mining’s subsidiary, Natarang Offshore
- Under the terms of the deed, PTKCL was required fund a four-hole drilling program, which has pending results, as well as undertake due diligence work
- If Kingsrose breaches the process deed, it must repay all costs incurred by PTKCL in connection with the drilling program and reimburse PTKCL’s external costs
- Shares in Kingsrose are up 1.79 per cent to trade at 5.7 cents at 10:54 am AEST
Kingsrose Mining (KRM) has entered into a process deed with Indonesian investment company PT Kreasi Cemerlang Lestari (PTKCL).
The process deed is for PTKCL to potentially acquire the Way Linggo gold project via the sale of the entire issued capital of Kingsrose Mining’s subsidiary, Natarang Offshore.
Under the terms of the deed, PTKCL will undertake a due diligence program, and fund a drilling program of four holes into the Maul Vein area. This drilling has been completed with assay results still outstanding.
A deposit of any agreed purchase of US$100,000 (A$144,909) will also be paid as part of the deed.
Kingsrose Managing Director Fabian Baker said the process deed was signed after a thorough process that included several interested parties who conducted site visits and initial due diligence.
In the event Kingsrose breaches the process deed, the company must repay the deposit, all drilling and other costs incurred by PTKCL in connection with the drilling program and reimburse PTKCL’s external costs up to a maximum of US$150,000.
The company confirmed it will keep the market informed of any material developments and warned its shareholders that no certainty is given that the final terms will be agreed with or any transaction will take place.
Shares in Kingsrose were up 1.79 per cent to trade at 5.7 cents at 10:54 am AEST.