Originally Posted by
Paint it Black
See below which to me is another positive as I understand it saves NTL $750K of costs purchasing the BH mine which can be better spent focusing on Talisman production and not having the complication of separately listing Coromandel Gold. Presumably the $100K deposit will be retrieved from BH and Victor Rabone will continue on the NTL Board.
Broken Hills contract terminated
New Talisman Goldmines Limited (NZX/ASX: NTL) advises that its independent
directors have decided to terminate the agreement for the Sale and Purchase
of Broken Hills Historic Mine Limited, as the condition of obtaining consent
under the Crown Minerals Act 1991 by 31 December 2021 has become incapable of
being satisfied.
New Talisman intends to focus its efforts on its existing Assets. In light
of this, the board of New Talisman no longer has plans to pursue a separate
listing of its subsidiary Coromandel Gold Limited.
As a consequence of termination of the Broken Hills agreement, the trust
arrangement in respect of 80 million shares in New Talisman has been
extinguished and, by operation of sections 82 and 58(3) of the Companies Act
1993, those shares are cancelled. New Talisman therefore has 3,127,225,363
quoted shares on issue.
Mr J Upperton
Chairman
New Talisman Gold Mines Limited