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- Aus Tin Mining (ANW) has secured more time to satisfy conditions for its acquisition of the Ashford and Mackenzie Coal Projects
- The company and Laneway Resources mutually agreed to extend the Ashford Project deadline until February 26, 2021
- Aus Tin and Resources and Energy Investments also agreed to extend the Mackenzie Project deadline until February 26, 2021
- The company is working on progressing the legal documentation associated with both acquisition transactions
- Aus Tin Mining is down 50 per cent and trading at 0.1 cents per share
Aus Tin Mining (ANW) has secured more time to satisfy conditions for its acquisition of the Ashford and Mackenzie Coal Projects.
In late July 2020, the company signed a binding term sheet with Laneway Resources, for the acquisition of the Ashford Coking Coal Project in northern New South Wales. Under the proposed transaction, Aus Tin would acquire the project in two stages, with the first stage of the buy subject to the satisfaction of certain conditions.
The company and Laneway Resources (LNY) have mutually agreed to extend the deadline for Aus Tin to satisfy those conditions from January 31, 2021, to February 26, 2021. If the company does not meet the requirements by this new deadline, either Aus Tin or Laneway may terminate the binding term sheet.
In late October 2020, Aus Tin signed a binding term sheet with Resources and Energy Investments (REI), to buy the Mackenzie Coking Coal Project in Queensland’s Bowen Basin.
Much like the Ashford transaction, the proposed acquisition subject to the satisfaction of certain conditions.
Aus Tin and REI have also mutually agreed to extend the deadline for the company to satisfy those conditions from January 31, 2021, to February 26, 2021. If the company does not meet the requirements by this new deadline, either Aus Tin or REI may terminate the binding term sheet.
At this time, Aus Tin is focussed on satisfying the conditions for the two coal project acquisitions in time. The company is also working on progressing the legal documentation which is associated with both acquisition transactions.
Despite receiving the extensions for the acquisitions, Aus Tin Mining is down 50 per cent, trading at 0.1 cents per share at 3:05 pm AEDT.
