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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2018
Apr 16, 2018
64708_rns_2018-04-16_b1bcf683-337f-4acb-84c2-96068e1e5e14.pdf
Capital/Financing Update
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17 April 2018
ASX Announcements Office 152–158 St Georges Terrace Perth WA 6000 Australia
SALE OF MT ADRAH GOLD PROJECT – DUE DILIGENCE COMPLETED AND SALE OF NON-CORE ASSET TO NOW PROCEED
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Formal notification received that all due diligence has been successfully completed;
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Purchasers confirm to Force that the acquisition of Mt Adrah Gold Project to now proceed with Force to receive consideration of up to $500,000 in cash and shares; and
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Disposal of non-core project allows for resources and efforts to be focused towards highly promising DRC lithium projects.
Force Commodities Ltd ( Force or the Company ) (ASX Code: 4CE ) is pleased to announce that it has received formal notification from Wildcat Resources Pty Ltd (ACN 624 787 417) and Rock the Polo Pty Ltd (ACN 152 401 011) (together the Purchasers ) that it has completed its due diligence and will be proceeding with the acquisition of the Company’s Mt Adrah Gold Project tenements located in New South Wales.
As previously announced (refer ASX Announcement - 16 March 2018), under the terms of the agreement with the Purchasers, the Company will receive $250,000 in cash within 5 Business Days of satisfaction of the Conditions Precedent plus a further $250,000 in shares, or $100,000 in cash plus options equal to 5% of the issued capital of the Purchaser s or their nominees, upon completion of an initial public offering (IPO) by one of the Purchasers.
The Company will now complete arrangements for the transfer of the Mt Adrah Gold Project tenements to the Purchasers. Once these transfers are completed the Company will receive the initial consideration of $250,000 in cash.
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Contact: Michael Fry Company Secretary Force Commodities Limited
Force Commodities Ltd | Ground Floor, 20 Kings Park Road, West Perth, WA, 6005 | PO Box 1024 West Leederville WA 6007 Ph: +61 8 6462 1414 | F: +61 8 6323 3347 | web:forcecommodities.com.au | ABN 12 145 184 667 | ASX:4CE