West Perth-based mineral exploration company New World Alloys Ltd will dispose of its African mineral projects for $7.5 million after signing an agreement with AIM-listed Weatherly International PLC.
West Perth-based mineral exploration company New World Alloys Ltd will dispose of its African mineral projects for $7.5 million after signing an agreement with AIM-listed Weatherly International PLC.
Shares in New World fell 18 per cent on the news.
The full text of a company announcement is pasted below
Weatherly, which trades on the AIM market of the London Stock Exchange, has entered into preliminary discussions to acquire the wholly owned subsidiaries of NWA which hold all the African Assets. The consideration for the acquisition by Weatherly is $7.5 million. New World Alloys is responsible for paying all outstanding liabilities of its subsidiaries prior to completion of the transaction, estimated to be US $500,000.
The transaction is conditional, subject to due diligence by Weatherly, shareholder approval by NWA and any other regulatory approvals that may be required by either party.
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