Dart Mining executes projects sale agreement for $7M
· Dart Mining signed a binding agreement to sell four exploration projects to Indigo Metals for $7.1 million.
· The transaction includes $3.6 million in cash and $3.5 million in Indigo Metals shares, while Dart Mining's share price closed unchanged at $0.018 following the announcement.
· The company stated that the divestment aims to fund ongoing exploration activities at its core projects without causing equity dilution.
Dart Mining (ASX:DTM) has executed a binding sale and purchase deed to divest four of its exploration projects to Indigo Metals for a total consideration of $7.1 million.
The binding agreement follows a previously announced non-binding term sheet between the two companies regarding the Mt Unicorn, Sandy Creek, Tallandoon, and Corryong projects.
“The execution of the binding deed with Indigo brings DTM one step closer to realising value from the Mt Unicorn, Sandy Creek, Tallandoon and Corryong projects," said Dart Mining Chairman James Chirnside.
Under the terms of the deed, the transaction comprises $3.6 million in cash and $3.5 million worth of ordinary Indigo Metals shares issued at a deemed price of $0.20 each, alongside a retained 2.5% net smelter revenue royalty on all future antimony production from the Sandy Creek and Tallandoon tenements.
The completion of the transaction remains conditional upon Indigo Metals obtaining approval for its proposed initial public offering and admission to the official list of the Australian Securities Exchange.
Following the announcement, the Dart Mining share price was unchanged at $0.018.
The company stated that the cash proceeds from the asset sale will be reallocated to drive exploration programmes at its Triumph and Coonambula projects.
