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BRIEF-New Century Resources Says Potential Acquisition Of Goro Nickel & Cobalt Mine Continues To Progress

Published 2020-07-27, 09:42 p/m
© Reuters.

July 28 (Reuters) - New Century Resources Ltd NCZ.AX :

* POTENTIAL ACQUISITION OF GORO NICKEL & COBALT MINE CONTINUES TO PROGRESS

* PARTIES MUTUALLY AGREED TO EXTEND EXCLUSIVITY FOR POTENTIAL TRANSACTION FOR FURTHER 45 DAYS

* ANTICIPATES PROGRESSING TO DECISION ON MAKING BINDING OFFER FOR VNC IN SEPT

* NEGOTIATIONS LED TO SIGNING OF INDICATIVE TERM SHEET FOR FINANCING TO FUND SIMPLIFICATION PLAN, GENERAL WORKING CAPITAL OF OPS

* WILL BECOME RESPONSIBLE FOR OFFTAKE & SALE OF ALL MHP PRODUCTION FROM GORO OPERATIONS

* GOT STRONG OFFTAKE INTEREST IN FUTURE MHP PRODUCTION FROM GORO

* TERM SHEET SIGNED FOR CONDITIONAL FUNDING OF AT LEAST US$900 MLN IN EQUITY & DEBT CONTRIBUTIONS FROM VALE, FRENCH STATE

* PLANS TO CONTINUE OFFTAKE TALKS IN LINE WITH DEVELOPMENT OF BINDING AGREEMENTS FOR POTENTIAL ACQUISITION OF GORO

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