Andromeda Metals Completes Sale of Wudinna Gold Project Stake
Andromeda Metals has finalized the sale of its 25% interest in the Wudinna Gold Project to Lady Alice Mines and Cobra Resources. The transaction involves a cash payment of A$500,000 and A$1 million worth of Cobra shares.
The company’s wholly-owned subsidiary, Peninsula Resources, has received the cash and 52,010,000 Cobra shares. The shares are subject to escrow until certain conditions are met, including the transfer of tenements to Lady Alice Mines or a 12-month period from the date of issuance.
Following the escrow period, the shares will be subject to standard orderly market provisions for an additional 12 months. Andromeda must notify Cobra before selling any of the consideration shares, giving Cobra the opportunity to facilitate the sale at market price.
The call option for the consideration shares in favor of Cobra has expired due to the completion of the transaction.
