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Independence Group Notes Mincor to Acquire Long Nickel Operation

23 May 2019  |  10:18:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: MCR: Mincor to acquire Long Nickel Operation from IGO

Independence Group noted that Mincor Resources announced that it has entered into a binding agreement with the Company to acquire a 100% interest in the Long Nickel Operation located in the Kambalda District in WA (Acquisition). The Company to contribute A$1.5m towards a capital raising being conducted. The Acquisition further consolidates its landholding in the world-class Kambalda District, adding a new leg to its extensive nickel sulphide portfolio and to its plans to restart nickel production, which continue to gain momentum. Upfront consideration of A$3.5m settled via the issue of 7,777,778 fully paid Company shares valued at $0.45 per share (escrowed for 12 months), with A$6.0m payable in additional consideration on the achievement on certain production-based milestones.

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