| Update on sale of interests in Weld Range Metals Limited | |
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ASX ANNOUNCEMENT 2 JULY 2015
UPDATE ON SALE OF INTEREST IN WELD RANGE METALS LIMITED
Further to its announcement on 2 June 2015, Dragon Mining Limited ("Dragon Mining" or "the Company") provides the following update on the proposed sale of its 39.95% interest in Weld Range Metals Limited, the owner of the Weld Range Project that is located in the Mid-West region of Western Australia, to Ausinox plc ("Ausinox").
On 30 June 2015, Ausinox paid Dragon Mining A$250,000 in part payment of the A$1 million cash consideration payable pursuant to the Share Sale Agreement. This amount includes the A$200,000 Ausinox had previously agreed to pay, as announced on 4 May 2015. The A$250,000 is non-refundable should completion under the Agreement not occur.
In addition, Ausinox paid Dragon Mining $4,400 for professional services provided by Dragon's employee Mr Neale Edwards. Ausinox has also agreed to pay penalty interest at a rate 1% higher than the penalty interest rate stipulated in the Agreement, to be calculated from the date of execution of the Agreement (which equates to approximately
$118,000 at today's date).
In consideration for the above, Dragon Mining has agreed to extend the completion and end date for the Share Sale
Agreement with Ausinox from 30 June 2015 to 31 July 2015. The Company will update on progress in due course.
For and on behalf of
Dragon Mining Limited
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Dragon Mining NL
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PRODUCER |
CODE : DRA.AX |
ISIN : AU000000DRA1 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Dragon Mining is a nickel and gold producing company based in Australia. Dragon Mining develops nickel, gold and copper in Australia, in Eritrea and in Finland, and holds various exploration projects in Australia, in Finland and in Spain. Its main assets in production are SVARTLIDEN in Sweden and ORIVESI in Finland, its main assets in development are VAMMALA, PAMPALO and KUUSAMO in Finland, WELD in Australia and ZARA in Eritrea and its main exploration properties are ASHBURTON and WELD RANGE in Australia, KAAPELINKULMA, RITAKALLIO, TAMMIJÄRVI, SUKSETON, HANHIMAA, KUHMO and KYLYLAHTI in Finland and LUGO in Spain. Dragon Mining is listed in Australia and in Germany. Its market capitalisation is AU$ 177.7 millions as of today (US$ 120.1 millions, € 108.0 millions). Its stock quote reached its lowest recent point on December 12, 2014 at AU$ 0.08, and its highest recent level on July 23, 2021 at AU$ 4.69. Dragon Mining has 88 840 000 shares outstanding. |