"WOULA PROJECT INVESTMENT TERMS Lindian entered into an agreement with Asena Holdings Pte Ltd (“Asena” to acquire the rights Asena has under a binding term sheet entered into with Woula Natural Resources SARL ("Woula"), Entreprise Generale D’Entretien & Construction and Mr Lancinet Dabo to acquire up to 61% of the issued capital in Woula (the entity that holds the Woula Bauxite Project) in return for making a series of staggered cash payments over nine months totalling US$150,000 to the existing shareholders of Woula.
The binding term sheet also envisages Lindian being able to increase its interest in Woula to 75% if it elects to sole fund the completion of a JORC defined Scoping Study for the Woula Bauxite Project and that scoping study is completed within 18 months of acquiring its initial 61% interest in Woula.
Lindian has agreed to issue 12,269,939 fully paid ordinary shares at an implied issue price of $0.0163 per share (being the 15 day closing VWAP of Lindian shares prior to this announcement) to Asena in return for the acquisition of Asena’s rights under the binding term sheet, although the issue of these shares is conditional upon Lindian successfully completing the acquisition of a 61% interest in Woula."
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to acquire the rights Asena has under a binding term sheet entered into with Woula Natural Resources SARL ("Woula"), Entreprise Generale D’Entretien & Construction and Mr Lancinet Dabo to acquire up to 61% of the issued capital in Woula (the entity that holds the Woula Bauxite Project) in return for making a series of staggered cash payments over nine months totalling US$150,000 to the existing shareholders of Woula.
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