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DEVEX RESOURCES LIMITED — Capital/Financing Update 2023
Oct 24, 2023
64768_rns_2023-10-24_afa436e9-55ad-43af-853b-8e75f56b73dc.pdf
Capital/Financing Update
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ASX Announcement
25 October 2023 ASX:DEV
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DevEx Completes Sale of NSW CopperGold Portfolio
Further to its announcement of 3 August 2023, DevEx Resources Limited (ASX: DEV) ( Company ) is pleased to advise that it has now completed the sale of its portfolio of copper-gold exploration assets in the Lachlan Fold Belt in NSW ( Transaction ) to ASX-listed Lachlan Star Limited (ASX: LSA).
Pursuant to the Transaction, the Company has received 75,672,720 ordinary shares in LSA for a deemed value of $7.5 million (representing a holding of 36.46%) plus a 2% net smelter royalty.
DevEx’s Managing Director, Mr Brendan Bradley, and Executive Director, Ms Stacey Apostolou, will join the board of LSA as the Company’s nominated appointees.
Management Comment
Commenting on the transaction, DevEx Managing Director Mr Brendan Bradley said :
“The sale of our NSW copper-gold assets to Lachlan Star allows us to focus on the exciting emerging discoveries we have at the Nabarlek Uranium Project in the NT and Kennedy Ionic Clay-hosted REE Project in Queensland. The transaction will see the copper-gold portfolio become the key focus for Lachlan Star, with DevEx retaining exposure to the significant upside of these assets through our 36% shareholding.”
Authorised for release by the Board.
For further information, please contact:
Brendan Bradley, Managing Director DevEx Resources Limited Telephone +61 8 6186 9490 Email: [email protected]
For media inquiries, please contact:
Nicholas Read Read Corporate Telephone: +61 8 9388 1474 Email: [email protected]
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