Further to the Heads of Agreement announced on 12 November, 2019, Kingston Resources Limited (ASX:KSN) is pleased to advise that it has now agreed and executed final terms with its joint venture partner, Pan Pacific Copper Co Ltd (PPC), to acquire PPC’s 19% interest in the 3.2 million ounce Misima Gold Project in PNG.
As a result of the transaction, Kingston will move to 100% ownership of the project.
Under the terms of the Share Purchase Agreement (SPA), Kingston will pay a total consideration of $2 million for the acquisition in two tranches.
The first tranche of $350,000 is due on or before June 30, 2020, with the second tranche of $1.65 million due on or before February 28, 2021.
The PPC shares will transfer to Kingston upon receipt of PNG regulatory approval and payment of the second tranche.
Prefeasibility study within next six months
Kingston’s managing director, Andrew Corbett, said, “We would like to thank PPC for their partnership at Misima and for their collaborative approach to this transaction.
‘’It has been a pleasure dealing with the PPC team since we acquired our initial interest in the project in November 2017.
“We are now looking forward to taking the next step at Misima, with a transaction that delivers 100% ownership of this outstanding gold development opportunity to the company as we move ahead with a prefeasibility study that is already well underway and on track for delivery in the December quarter of this year.”