Ochre shareholders approve Wonmunna sale
PERTH (miningweekly.com) – The shareholders of Ochre Group Holdings have approved the sale of the Wonmunna iron-ore project, in the Pilbara, to ASX-listed Ascot Resources.
The Ochre shareholder approval was the last remaining condition precedent under the terms of the multimillion-dollar asset deal, and would allow Ascot to take ownership of the project.
In March, the two companies agreed on the terms of the transaction, which would see Ascot issue Ochre with 88-million fully paid ordinary shares, along with an initial cash consideration of A$2-million. A further A$29.75-million would be payable within five years of the transaction completion date, with an interest rate of 5.88% payable on the additional consideration.
However, in July the companies agreed on revised terms, which would see Ascot issue only 50-million fully paid ordinary shares. The cash consideration would remain unchanged at A$2-million, and would be payable on completion of the transaction.
The additional consideration had also been dropped from A$29.75-million to A$19.95-million, with the funds payable within five years of first production and ore sales.
A 1% gross revenue royalty on all the products produced remained unchanged, and would start 12 months after Ascot completed the first shipment of product.
The completion of the transaction was now expected to occur by the end of this week.
The Wonmunna project comprises four direct shipping ore deposits, and was reported to host a resource of about 84.3-million tonnes, at an average grade of 56.5% iron, with 64% of the resource estimate classified as indicated.
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