RNI NL (ASX: RNI) is pleased to announce the Company has signed a binding Heads of Agreement (HoA) to sell its gold assets to Metals X Limited (ASX: MLX). The gold assets to be sold to Metals X include the Grosvenor Gold Project, the Horseshoe Project and part of the Peak Hill Project in Western Australia’s Bryah Basin (Figure 1). RNI will retain rights over the copper interests from those projects, including the Forrest copper discovery. In consideration for the gold assets, Metals X will issue RNI with 18 million new fully-paid Metals X shares, which have a current share market value of $20.3 million. Metals X will also advance RNI $300,000 as an interest-free convertible loan1 to provide the Company with working capital during the sale process. RNI plans to use the sale proceeds to help repay the Company’s debt facility of approximately $23 million to Taurus Resources No 2 Fund.
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