This ASX release is only extending time for completion of transaction (which is not unusual).From my recollection the acquisition of Toondoon Mining Lease (which subjectshare consideration involves) was through a private company, which at the timeof initial announcement held a binding option to acquire the approved Toondoon mining lease.
One can only assume exercising the option, would have triggered a transfer of MLprocess involving QLD Dept Resources etc and this as with most things take time (red tape etc) and ZEO did table it expected a drawn out timeframe in the 30/08/21 release:
Then post above occuring, ZEO will need to provide a Notice of Meeting as SH approval is required:
It looks to be a strategic / value accreditive acquisition. I suppose circa 9-12 mths to complete transaction in what looks to be a deal that delivers one of Australia’s highest grade kaolin deposits held under an approve Mining Lease, is way better than 3-5 years required to undertake an EPM to ML process – which is never assured. DYOR
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