- Pepinnini Lithium (PNN) will no longer acquire Ausmex Mining Group’s (AMG) Gilded Rose Gold Mine after the agreement was terminated
- Last month, the two companies inked an agreement that would have seen Pepinnini buy the project in Queensland
- However, following completion of due diligence, the parties were unable to reach an agreement on a path forward for the sale
- Despite the news, Pipinnini shares closed flat today for 0.2 cents each
- Ausmex shares were placed in a trading halt ahead of the announcement, they last traded for 4.3 cents each
Pepinnini Lithium (PNN) will no longer acquire Ausmex Mining Group’s (AMG) Gilded Rose Gold Mine after the agreement was terminated.
Last month, the two companies signed a binding term sheet that would have seen Pepinnini buy the project in Queensland.
However, Pipinnini today said that following completion of due diligence the parties were unable to reach agreement on the sale and, as such, the agreement was terminated.
It is not the first time that the sale of the asset has fallen through. Ausmex had teed up a deal that would have seen Hong Kong-based Jin Resources purchase the Gilded Rose Project.
Despite already having paid a $200,000 non-refundable option fee to Ausmex, in February, Jin Resources said it was unable to go ahead with the purchase due to ongoing issue in Hong Kong and forfeited this fee.
Despite the news, Pipinnini shares closed flat today for 0.2 cents each. Ausmex shares were placed in a trading halt ahead of the announcement, and company shares last traded for 4.3 cents each.