Rns11 Nov 2020 07:45
Did anyone else miss the rns yesterday or judt me as coudnt access most of the day
Schedule One - Richland Resources Ltd
Tue, 10th Nov 2020 08:00
RNS Number : 7337E
AIM
10 November 2020
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")
COMPANY NAME:
Richland Resources Ltd ("Richland" or the "Company")
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :
Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda
COUNTRY OF INCORPORATION:
Bermuda
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:
www.richlandresourcesltd.com
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
Admission is sought as a result of a reverse takeover in accordance with AIM Rule 14.
On 31 December 2019, further to the receipt of shareholder approval at an annual general meeting of the Company held on 19 August 2019, Richland became an AIM Rule 15 cash shell upon completion of a fundamental disposal and thereafter commenced the process of appraising suitable reverse acquisition opportunities in the mining sector.
On 24 July 2020, the Company entered into a conditional acquisition agreement to acquire the entire issued share capital of Global Asset Resources Ltd ("GAR"), for:
Initial consideration of AU$60,000 (approximately US$43,392) in cash and AU$1.04m (approximately US$752,128) in new common shares to be issued at a price of 2.75p per share. In addition, Richland made two non-refundable cash payments to GAR of US$29,340 on 31 July 2020 and US$22,818 on 30 September 2020.
Deferred consideration comprising potential future additional payments to be made to the sellers and the joint venture partner, Uwharrie Resources Inc. ("URI"), in cash or new common shares at Richland's sole discretion, of, in aggregate, AU$1.5m and AU$3m, subject to the achievement of certain material, value-generative performance milestones, or the occurrence of certain vesting events within five years of Admission.
GAR, v
Sign In
Follow the stocks
