King River Resources (ASX: KRR) shares jump on latest payment in Speewah deal

July 08, 2024 05:18 PM AEST | By Sonal Goyal

King River Resources (ASX: KRR) shares jump on latest payment in Speewah deal — Image source: Shutterstock.com

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Highlights

King River Resources received AU$1.6 million in cash from Tivan for the acquisition of the Speewah Project.

An outstanding balance of AU$2.4 million is due by 17 February 2025.

As of 8 July 2024, KRR's cash position was AU$5.28 million.

Shares of King River Resources Limited (ASX: KRR) jumped by 7.69% to AU$0.014 on 8 July 2024. This share price jump was reported following the company’s recent announcement regarding a significant payment milestone related to the sale of its Speewah project to ASX-listed Tivan Limited (TVN).

The company received AU$1.6 million in cash from Tivan, marking the second instalment towards the acquisition of the Speewah Project under restructured final payment terms. Following this payment, KRR still has an outstanding balance of AU$2.4million, which is expected to be paid by 17 February 2025.

Under the terms of the agreement,, if the value of the 100 million TVN shares held by KRR drops below AU$10 million on 17 February 2025 (based on TVN's preceding 30-day volume weighted average price), TVN will issue additional shares to KRR at the same volume weighted average price to ensure KRR's total holding reaches AU$10 million.

As of 8 July 2024, the company reported a cash position exceeding AU$5.28 million.

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