Revised Terms for Acquisition of Mount Morgan Project – Valuation Update
Carbine Resources (ASX:CRB) has announced they have re-negotiated terms for the remaining 25% interest in the Mount Morgan gold copper tailings re-treatment project in Queensland. As a direct result, Carbine has an exclusive option to acquire Raging Bull Mining (RBM). On exercise of the option, subject to any necessary approvals, the shareholders of RBM will receive:
- 25 million Carbine shares;
- A$2.3 million in cash or shares at the election of Carbine (number of shares based on the 15 day VWAP at the time of option election); and
- 1.0% royalty.