Tech Brings Forward A$3.1m Payment
West Australian focused gold exploration and development company, Rox Resources Limited (ASX: RXL) has reached agreement with Teck Australia Pty Ltd.
Under the agreement, Tech will tbring forward a deferred cash settlement due to Rox from the sale of Rox’s interest in the Reward Zinc-Lead Project. Rox completed the sale of its interest in Reward Zinc-Lead Project in February 2017 and as part of the consideration A$3.75m is due to Rox at the earlier of the completion of a Bankable Feasibility Study or six years, being 16 February 2023.
Rox and Teck have now agreed to settle the deferred cash consideration for A$3.1m, payable to Rox by 1 September 2021.
Managing Directo,r Alex Passmore, said the funds will be utilised to further progress drilling activities and Feasibility studies into the potential restart of mining at Youanmi.
“With the deferred consideration from Teck brought forward to 1 September 2021 Rox is in a strong position to fund its exploration activities to achieve ongoing resource growth at Youanmi. We are pleased that we have been able to strike a pragmatic revised agreement with Teck delivering an outcome which works for both companies,” he said.
For further information please visit: https://www.roxresources.com.au/
