ATW Completes Sale Of Burnakura Assets For Aud$5,000,000
June 10, 2010
ATW Gold Corp (TSX-V: ATW) (the “Company”) (“ATW”) is pleased to announce that it has completed the sale of its Burnakura gold project (the “Burnakura Project”) to Jinka Minerals Ltd., an Australian company, (“Jinka”).
A total of AUD$5,000,000 was paid for the Burnakura Project: a closing payment of AUD$4,253,000 (of which a AUD$212,650 deposit had already been received) and a payment by Jinka of AUD$747,000 to the Department of Mines in Western Australia which payment will result in the return of AUD$747,000 of environmental bond funds to ATW's Australian subsidiary.
The required Australian regulatory approvals have been received.
Concurrent with closing the sale of its Burnakura Project, the Company also settled its outstanding liability of $2,000,000 AUD (the “Debt”) with RUC Cementation Mining Contractors Pty Ltd. (formerly RUC Mining Contractors Pty Ltd.) (“RUC”). The Settlement was first disclosed in the Company's news release of April 12, 2010
Under the terms of the Settlement (the “Settlement”), the Company paid RUC a total of AUD$1,500,000 and issued to RUC a total of 2,000,000 common shares at a deemed price of AUD$0.25 per share. The shares were issued on June 1, 2010 and are subject to a four month hold under the policies of the TSX Venture Exchange.
The terms of the Settlement also called for the parties to execute full and final mutual releases (the “Releases”). The Releases have been signed.
The sale of the Burnakura Project has allowed the Company to ...http://www.atwgold.com/news/index.php?&content_id=147 |
