BEIJING (Asian Metal) 16 Feb 17 - On February 16, 2017, Rox Resources Limited (“Rox”) announced that it has completed the sale of its interest in the Reward Zinc-Lead project with Teck Australia Pty Ltd (“Teck”).
The amount paid to Rox at completion totals $15,827,273 . A further $3,750,000 deferred cash payment is due as below.
The up-front purchase price is comprised of:
- $7,850,000 in cash, being $8 million less the $150,000 deposit already paid;
- $2,727,273 in cash, which Teck elected to pay in lieu of the share component as provided for in the agreement;
Additionally, there remains a deferred payment of $3,750,000 in cash due at the earlier of a Bankable Feasibility Study being completed on the project, or 6 years.