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Gold explorer Intrepid Mines Limited (ASX:IAU) today announced the extension of backstop date for the sale of its Zambian subsidiary to Vulcan Cooper Limited.
In the announcement to Australian Securities Exchange, the company stated that all the parties to Share Sale Agreement have agreed to extend the backstop date from previous 31 January 2019 to 20 February 2019. It is in relation to the agreement that Intrepid and its subsidiaries have inked to sell 100% of the share capital in Intrepid Mines Zambia Limited to Vulcan, a subsidiary of London-based miner Consolidated Mining and Investments Limited.
Intrepid Mines Zambia Limited, a company registered in the Republic of Zambia, is the holder of the respective interests in the Kitumba and Mumbwa Projects both located in the Republic of Zambia. The shares in Intrepid Mines Zambia Limited are held by the two wholly owned subsidiaries of Intrepid.
The Share Sale Agreement reportedly provides for payment of cash consideration of USD 5 million payable by Vulcan to the Intrepid Subsidiaries on completion of the Proposed Sale. As per the previous announcement, the initial capital expenditure to develop the project was estimated to be approximately USD 433 million.
In a separate release to ASX, the company today notified its substantial holding in AIC Resources Limited. As of 18 January 2019, Intrepid Mines Limited holds 52,419,422 shares in AIC with the voting right of 69.89%. It is in comparison to its previous holding of 51,489,422 shares or 68.65% voting power in AIC Resources.
Recently, the company announced that it is now targeting a record date of 11 February 2019 for the proposed $0.75 per share return of capital. Intrepid stated that the change in target record date underscores the companyâs aim to align the proposed return of capital of $0.75 per share with the companyâs acquisition offer for AIC Resources Limited and the sale of companyâs Zambian Mumbwa and Kitumba copper projects. Due to the uncertain nature of the takeover transaction and the sale of the Mumbwa and Kitumba under the 100% sale of Intrepid Mines Zambia Limited, it has been intimated by the company that the target return of capital record date is subject to further change.
In todayâs trading session, Intrepid Mines has traded at lower ends. The stock price fell 5% or $0.050 to last trade at $0.950 on 21 January 2019. Over the past 12 months, IAU stock price has declined by 13.79%, but there has been a positive price change of 21.21% over the past six months.
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