Agreed key commercial terms for negotiating a proposed 50/50 joint venture with Timeone Holdings for mining operations on Cockatoo Island · SS&T Group, a leading Shanghai based commodities trading company with mine development expertise selected by Timeone to assist with its funding obligations · A further $3 million received by Timeone under the Subscription Agreement · Under this amended agreement Timeone will now provide funding of $70 million, comprised of $17.66 million to complete its share subscription (which includes the $3 million already received) and $52.34 million to earn a 50% interest in the proposed joint venture over the Cockatoo Island project · If completed, the proposed earn-in by Timeone will give Pluton a free carry through the proposed acquisition of the Cockatoo Island project, and partial carry for the development of stage 4 mining · The subscription for the remaining Tranche 4 is varied to occur in two tranches and subject to certain conditions but at the agreed 35.5 cents per share
PLV Price at posting:
21.2¢ Sentiment: Buy Disclosure: Held
