Auroch Minerals NL (ASX: AOU) – $0.120

30 Jun 2015

Auroch Minerals NL (ASX: AOU) has entered into a binding agreement to sell 100% of its Manica Gold Mining Concession 3990C located in Western Mozambique (Figure 1).


AOU Manica Au

Figure 1. Location of Manica Gold Project



The purchase agreement is with AIM listed Xtract Resources plc for a total consideration of US$11.0 million in a combination of cash and equity plus assumption of project related creditors of up to US$1.5 million.


Total amount payable under the Agreement is US$12.5 million that will comprise of:


  • Allotment and issue of new Xtract Resources ordinary shares to the value of US$6.5 million at completion.
  • US$4.5 million in cash payable at completion
  • Xtract Resources will also provide funding to settle project related creditors up to a maximum of US$1.5 million payable upon signing the Agreement.



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