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GORILLA GOLD MINES LTD — Capital/Financing Update 2021
Jul 28, 2021
64983_rns_2021-07-28_41258d8c-2d66-493c-8313-e5a8c2847bfa.pdf
Capital/Financing Update
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ASX: ONX ANNOUNCEMENT
LIMITED
29 July 2021
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EXPIRY OF INDONESIAN GOLD ASSET EXCLUSIVITY PERIOD
Orminex Limited (‘ Orminex ’ or ‘ the Company ’; ASX: ONX) refers to the 31 May 2021 ASX announcement confirming the Company and PT Amman Mineral International ( ‘AMI’ ) had agreed to extend the exclusivity period associated with a binding framework letter to 30 July 2021, in respect of progressing a transaction for the acquisition of economic interests in all or a substantial part of a significant epithermal gold project in Indonesia from AMI (or a related entity) ( ‘Transaction’ ).
The positive period of due diligence and negotiations between the parties encountered significant disruptions introduced by the Covid19 pandemic, with the health and wellbeing of all personnel employed at AMI’s Indonesian operations remaining the priority and key focal point throughout. In this regard, the conditions of the binding framework letter will lapse with the expiry of the exclusivity period on 30 July 2021. Pursuant to the terms of the binding framework letter, the $1 million deposit paid by AMI to Orminex is to be returned to AMI within 30 days of expiry. Orminex and AMI have established a valuable commercial relationship during the period of due diligence and negotiations, and remain actively committed to identifying mutually-beneficial commercial arrangements between them, including possible participation by AMI in potential future capital funding events. The Company continues to focus on the optimised progression of its Australian assets as well as explore strategic gold project acquisition opportunities in the highly prospective Abitibi Greenstone Belt in Canada, as announced in the Company Update on 9 June 2021.
This announcement has been authorised and approved for release by the Board of Orminex.
Investor queries:
Matthew Nixon Chief Operating Officer [email protected]
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Orminex Limited ABN: 45 008 740 672 Suite 5, Level 1, 460 Roberts Rd, Subiaco WA 6008 T: +61 8 6149 1550 | [email protected] | www.orminex.com.au