Posted by Cand1eStickMan .Terms of the Acquisition Meteoric is acquiring 100% of Horrocks Enterprises Pty Ltd (Horrocks) and Kimberly Resources Limited (Kimberly), the holders of the Palm Springs Gold Project, from Rimbal Pty Ltd and Pinnacle Nominees Pty Ltd being the respective holding companies of Horrocks and Kimberly (Vendors) for a total cost of $1M comprising cash and Meteoric Shares as follows: $750,000 in cash upon Completion of the Acquisition; and12,500,000 MEI Shares on Completion (being $250,000 in MEI Shares @ 2¢ per Share), voluntarily escrowed for 6 months, to be issued pursuant to MEI’s listing rule 7.1 placement capacity.Completion of the Acquisition is conditional upon satisfaction, or waiver by Meteoric, of the following conditions: Transfer of shares in Kimberly not held by the Vendors to Meteoric; Transfer of a 2% interest in M80/0106 and M80/0315, currently not held by Kimberly, to KimberlyThe Vendors discharging all outstanding amounts owed on the Palm Springs Gold Project, including but not limited to rates, rents and payments owed to indigenous groups;Any regulatory approvals; and Completion of due diligence on Horrocks, Kimberly and the Palm Springs Gold Project to the satisfaction of Meteoric.
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Posted by Cand1eStickMan .Terms of the Acquisition Meteoric is...
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