03/04/2013 - 15:29

Korab pushes back NT asset sale

03/04/2013 - 15:29

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Korab pushes back NT asset sale

Korab Resources has granted an extension to Estonian group Augur Investments for the completion of the sale of the Winchester magnetite deposit in the Northern Territory.

Korab initially announced in December it had reached an agreement to sell the deposit to Augur, for up to $33.2 million in cash and royalties.

The transaction was due to be settled by March 31.

Korab announced today that it had granted Augur an extension to the deadline, until May 31.

“Augur Investments requested the extension and the Korab board agreed to the request to allow for the completion of the due diligence inquiries in relation to the transaction by both parties,” Korab said in a statement.

At close of trade today, Korab shares were steady at 8 cents.

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