Eagle Mountain Mining Limited (ASX: EM2) notified that the Arizona Superior Court has granted the Receiver’s Motion to sell the assets of Oracle Ridge Mining LLC (ORM) to Wedgetail Operations LLC (WT Operations).
- WT Operations will pay $US500,000 as the purchase price for all assets of ORM.
- All ORM’s leases, easements and access agreements with third parties will be assumed by WT Operations.
- WT Operations will assume a 10-year secured note with Vincere for US$6,423,000, with repayments commencing at the start of the 6th year.
- Vincere will be issued a 20% interest in WT Operations.
- The asset purchase closing is expected on 25 November 2019 in Tucson.