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Highlights
- King River Resources received the final AU$2.4 million cash payment from Tivan for the Speewah Project.
- Tivan has made the full cash payment for the Speewah acquisition, as per the restructured payment terms.
- Tivan may issue additional shares to KRR if the value of KRR's 100 million Tivan shares falls below AU$10 million.
King River Resources Limited (ASX:KRR), an Australia-based gold exploration company, today announced the receipt of the final cash payment of AU$2.4 million from the sale of the Speewah Project to Tivan Limited (ASX:TVN).
In February 2023, a binding term sheet was signed for the sale of 100% of the Speewah Vanadium-Titanium-Iron project in Western Australia .
This payment represents the final cash installment under the restructured payment terms, and as of the date of this announcement, Tivan has paid all cash consideration owed to KRR.
Under the revised payment terms, if the value of 100 million Tivan shares held by King River falls below AU$10 million on 17 February 2025 (based on Tivan's 30-day VWAP leading up to that date), Tivan will issue additional shares to KRR on the same day. These new shares will be issued at the VWAP to ensure the total value of the 100 million existing shares and the new shares equals AU$ 10 million.
The company’s cash position is AU$ 5,813,821, as of 2 December 2024.
The share price of KRR was AU$0.014 at the time of writing on 02 December 2024.
