JADAR RESOURCES LIMI

JDR
End-of-day quote. End-of-day quote  - 11/26
0.052AUD +6.12%

Jadar Resources Limited cancelled the acquisition of Portfolio of Projects in Northern Territory, Australia from Outback Metals Proprietary Limited.

10/08/2021 | 12:00am
Jadar Resources Limited (ASX:JDR) signed a term sheet to acquire Portfolio of Projects in Northern Territory, Australia from Outback Metals Proprietary Limited for AUD 6.5 million on August 9, 2021. The consideration shall be paid in cash up to AUD 6.5 million (payable over 12 months) and 20 million options (at an issue price of AUD nil of which 10 million unlisted options at an exercise price of AUD 0.02 each and another 10 million at AUD 0.10 both at an expiry date of 5 years). The consideration shall be paid as AUD 0.1 million on signing of term sheet and 0.1 million on completion of due diligence, AUD 2.3 million, plus 20 million options at completion and AUD 1 million each at completion of 3, 6, 9 and 12 months from completion of transaction. The purchase price is partly funded through a AUD 3 million Convertible Note and the use of the Mint Capital Advisors finance facility. Completion of the transaction is subject to Jadar having completed and being satisfied with the results of due diligence to be completed within 30 days with an optional 30-day extension available at Jadar’s discretion at an additional AUD 0.1 million to consideration and approval of the shareholders of Jadar. Upon completion and acceptance of due diligence Jadar will enter into a Purchase Agreement. As of September 6, 2021, the due diligence of the projects is completed. Jadar Resources Limited (ASX:JDR) cancelled the acquisition of Portfolio of Projects in Northern Territory, Australia from Outback Metals Proprietary Limited on October 8, 2021. The acquisition has been terminated on the basis that Jadar has been unable to enter into a suitable sale and purchase agreement with Outback Metals.
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