Australia markets close in 4 hours 17 minutes
  • ALL ORDS

    7,274.90
    -5.70 (-0.08%)
     
  • ASX 200

    7,011.40
    -11.70 (-0.17%)
     
  • AUD/USD

    0.7725
    +0.0000 (+0.01%)
     
  • OIL

    62.88
    -0.27 (-0.43%)
     
  • GOLD

    1,734.80
    -1.50 (-0.09%)
     
  • BTC-AUD

    81,455.33
    -1,143.42 (-1.38%)
     
  • CMC Crypto 200

    1,367.46
    -8.32 (-0.60%)
     
  • AUD/EUR

    0.6448
    +0.0006 (+0.09%)
     
  • AUD/NZD

    1.0816
    -0.0002 (-0.02%)
     
  • NZX 50

    12,653.22
    -98.16 (-0.77%)
     
  • NASDAQ

    13,803.91
    -182.58 (-1.31%)
     
  • FTSE

    6,939.58
    +49.09 (+0.71%)
     
  • Dow Jones

    33,730.89
    +53.62 (+0.16%)
     
  • DAX

    15,209.15
    -25.21 (-0.17%)
     
  • Hang Seng

    28,765.89
    -134.94 (-0.47%)
     
  • NIKKEI 225

    29,724.43
    +103.44 (+0.35%)
     

Cyprium Metals Ltd (CYM.AX) Completion of Paterson Copper Portfolio Acquisition

·2-min read
Cyprium Metals Ltd
Cyprium Metals Ltd

Cyprium Metals Ltd (CYM.AX) Completion of Paterson Copper Portfolio Acquisition

Perth, Australia, Mar 31, 2021 - (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that each of the conditions precedent to completion of the Company's acquisition from Metals X Limited of the Paterson Copper Portfolio have been satisfied, and that completion has therefore occurred ("Completion"), effective 30 March 2021 ("Completion Date").

Highlights

o Cyprium is pleased to announce completion of the acquisition of Metals X's portfolio of Western Australian Copper Assets comprising:

- Nifty Copper Mine (currently in care and maintenance);

- Maroochydore Copper Project; and

- Paterson Exploration Project (which includes a farm-in agreement with IGO Limited).

o Metals X has received A$60 million worth of consideration, comprising:

- Cash payment of A$24 million;

- 4 Convertible Notes for an aggregate value of A$36 million; and

- 40.6 million options issued free attaching to the convertible notes, comprising:

o 20.3 million options exercisable at A$0.3141 per option before 30 March 2022;

o 20.3 million options exercisable at A$0.3551 per option before 30 March 2023.

Executive Director Barry Cahill commented:

"We look forward to leveraging our many years of combined team experience, to position Cyprium to establish itself as a significant Australian mid-tier copper producer. We have a clear strategy to execute our simplified development plan initially at Nifty, which consists of an open pit mining operation, feeding a heap leach and SX-EW process plant."

Consideration Paid

Cyprium confirms that at Completion, Metals X received: - a cash payment of A$24 million (inclusive of the A$1 million deposit previously paid); - four (4) convertible notes with a value of A$9 million each, for an aggregate value of A$36 million ("Convertible Notes"); plus - 40.6m options, issued free attaching to the Convertible Notes (Completion Options).

To view the terms, please visit:
https://abnnewswire.net/lnk/EWT78S33


About Cyprium Metals Ltd:


Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.

Contact:

Cyprium Metals Ltd
T: +61 8 6169 3050
WWW: www.cypriummetals.com


Source:
Cyprium Metals Ltd

Copyright (C) 2021 ABN Newswire. All rights reserved.