|Delayed - 01/28 12:10:09 am|
TVI Resource Development Philippines Inc. completed the acquisition of Greenstone Resources Corporation from Red 5 Limited and others.09/20/2021 | 12:00am
TVI Resource Development Philippines Inc. agreed to acquire Greenstone Resources Corporation from Red 5 Limited (ASX:RED) and others on July 28, 2021. Red 5 will be paid $19 million as part of the transaction. Consideration includes a grant, to Red 5, of a 3.25% net smelter return royalty payable on the sale of up to 619,000 oz. of gold produced from potential open-pit and underground operations at Siana, the ascribed value of the net smelter royalty is $35 million. TVI Resource Development Philippines Inc. intends to fund the cash portion of the purchase price from internal resources. The assets of Greenstone Resources Corporation include a modern 1.1 million tonnes per annum Outotec mill, gravity and Carbon-in-Leach facility, and all other key infrastructure together with the Siana, Mapawa and Ferrer tenements. The completion of the transaction is subject to the satisfaction or waiver of a number of conditions and regulatory approval. PCF Capital Group Pty Ltd acted as financial advisor, HopgoodGanim and Sycip Salazar Hernandez & Gatmaitan acted as legal advisors to Red 5. As on September 21, 2021. all conditions preceding to the transactions has been satisfied. TVI Resource Development Philippines Inc. completed the acquisition of Greenstone Resources Corporation from Red 5 Limited (ASX:RED) and others on September 20, 2021.
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