Ascot Resources Limited - Sale of Wonmunna Iron Ore Project
HopgoodGanim Lawyers is pleased to have assisted Ascot Resources Limited (Ascot) on the successful completion of their sale of the Wonmunna Iron Ore Project to Australian Aboriginal Mining Corporation Pty Ltd (AAMC). The deal was completed successfully on 13 December 2018.
In June 2018, Ascot and AAMC entered into a share sale agreement in which AAMC agreed to acquire all of the issued shares in Wonmunna Iron Ore Pty Ltd, the owner of the Wonmunna Iron Ore Project, which is located in the Pilbara region of Western Australia. The total cash consideration was $20 million and comprised of an initial cash amount and deferred production payments.