Highlights
- King River Resources has completed the AU$20 million sale of the Speewah project to Tivan.
- The deal is structured as AU$10 million in Tivan shares and AU$10 million in staged cash payments.
King River Resources Ltd (ASX:KRR) has completed the sale of its Speewah project to ASX-listed Tivan Limited. This follows the binding term sheet signed in February 2023, which outlined Tivan’s acquisition of Speewah Mining Pty Ltd, the entity controlling the Speewah project in Western Australia.
Details of the Sale Agreement
As part of the sale, KRR received:
- 100 million Tivan shares, valued at AU$10 million based on a price of AU$0.10 per share.
- AU$10 million in staged cash payments.
In February 2024, KRR and Tivan agreed to restructure the terms of Tivan’s final AU$5 million payment for the Speewah project acquisition. The company received the final cash payments in December 2024.
The completion of this sale enables King River Resources to focus on its ongoing projects, while Tivan Limited strengthens its position in the Kimberley region with the acquisition of the Speewah project.
The share price of KRR was AU$0.011 at the time of writing on 18 February 2025.