Sunshine Metals Limited has entered into a binding agreement to divest Triumph to Dart Mining for $2 million in cash and Dart shares, subject to completion. Sunshine Managing Director, Dr Damien Keys, commented, “When completed, the divestment of Triumph represents a win-win for both businesses. Sunshine will then focus on Ravenswood Consolidated, while Triumph is progressed by the capable team at Dart.”
The core focus for Sunshine is at Ravenswood which has a substantial high-grade gold and base metal Resource and a plethora of exciting large-scale, exploration targets. Resource extensional diamond drilling is well underway at Liontown with assay results expected in early September 2024.
The total consideration is, 1: $1 million cash payable to Sunshine, with $50,000 deposit paid on sale and purchase agreement execution and $950,000 payable on completion; and; 2: $1 million in Dart fully paid ordinary shares to Sunshine.
Upon completion, Dart Mining will hold a 100% interest in the two Triumph Project tenements. Completion is subject to, 1: Dart shareholder approval for the issue of consideration shares to Sunshine.2: Regulatory approval for the transfer of EPM18486 and EPM19343 & 3: Third party consent to the transfer of associated agreements.
Completion is expected in October 2024.
