Ann: Indee Gold Settlement Extended to July 2019, page-9

De Grey Mining extends settlement date for Indee Gold acquisition



15:44 21 Dec 2018
By acquiring the Chinese-owned company De Grey will become sole owner of the Pilbara Gold Project.
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The Pilbara Gold Project is 60 kilometres south of Port Hedland
De Grey Mining Ltd (ASXEG) has formally elected to extend the settlement date for its 100% acquisition of Indee Gold Pty Ltd.
The extension required the payment of $700,000 to Indee Gold owners Northwest Nonferrous Australia Mining Pty Ltd.
READ: De Grey Mining enters option underwriting agreement in capital management measure

Following completion of the remittance, De Grey’s total consideration remaining has been reduced to a $9.7 million in cash and the issue of $3 million of equity in De Grey at a price that is 90% of a 20-day volume weighted average price.
During the December 2018 quarter De Grey raised about $6 million by exercising both listed and unlisted class options after completing the final allotment of shortfall listed options.
READ: De Grey Mining’s drilling confirms high-grade lithium, caesium and tantalum at King Col

De Grey executive chairman Simon Lill said the board was pleased to have further strengthened the company’s cash position through the successful exercise of the options.
He also thanked shareholders for their continued support.
Lill said: “The De Grey board is confident that the Pilbara Gold Project will host a multi-million-ounce resource and set a corporate target of more plus-3 million ounces of resources.
“In addition to making the payment to the Indee vendors, these additional funds will allow the company to continue to pursue both its exploration and operational priorities.”
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READ: De Grey Mining recovers coarse gold and nuggets in first bulk sampling

The acquisition of Chinese-owned Indee Gold will enable De Grey to bring its interest in the Pilbara Gold Project to 100%.
Early last month the gold developer received initial positive results from trial bulk sampling at Loudens Patch within the Pilbara Gold Project.
Additionally, De Grey’s recent drilling program successfully intersected high-grade underground lodes below the Withnell proposed open pit.