Brief: Contango Holdings Says Term Sheet Signed For Investment And Part Purchase Of Muchesu

Contango Holdings

17/06/2024 07:20

June 17 (Reuters) - Contango Holdings PLC  CGO.L :
    * TERM SHEET: INVESTMENT & PART PURCHASE OF MUCHESU
    * TERM SHEET SIGNED FOR INVESTMENT AND PART PURCHASE OF
MUCHESU
    * ROYALTIES GRANTED TO CONTANGO FOR LIFE OF MINE OVER GROSS
PRODUCTION
    * MINIMUM OF US$2M PER ANNUM TO BE PAID TO CONTANGO UNDER
ROYALTY
ARRANGEMENT
    * CONTANGO EXPECTS TO RETAIN 24% OF MUCHESU GOING FORWARD
    * INVESTOR TO MATCH CONTANGO HISTORIC EXPENDITURE OF
APPROXIMATELY
US$20M DIRECTLY INTO MUCHESU
    * FOLLOWING ENTERING DEFINITIVE AGREEMENTS INVESTOR TO BE
GIVEN
RIGHT TO MAINTAIN APPOINTMENT OF SINGLE DIRECTOR TO BOARD
    * EXPECTS FURTHER CHANGES TO EXISTING BOARD AT THIS TIME

Source text for Eikon:  ID:nRSQ5962Sa 
Further company coverage:  CGO.L 

 ((Reuters.Briefs@thomsonreuters.com;))