------------------------------------ THE AGREEMENT
Nimrodel has signed an implementation agreement with the major shareholders of Walkabout to acquire 100% of the issued share capital of Walkabout on the following terms:
The initial consideration will consist of 35,400,800 Nimrodel shares and 35,400,800 Nimrodel options. These will be issued to the Walkabout shareholders on a pro rata basis. Half of the options are exercisable at $0.03 on or before 31 October 2011, a quarter at $0.05 on or before 31 October 2012 and the final quarter at $0.10 on or before 31 October 2013.
Deferred consideration shares have been agreed based on various performance criteria and priced at a 15% discount to the 15 day VWAP Nimrodel share price at the time.
Performance Criteria -Achieve 500Mt aggregate Inferred JORC coal resources on any 2 projects
- Achieve 200Mt aggregate Indicated JORC coal resources on any 2 projects
- Fulfilment of JV arrangements to achieve 70% earn in to the Limpopo Project
- Fulfilment of JV arrangements to achieve 70% earn in to the Takatokwane Project
NMR Price at posting:
5.6¢ Sentiment: Hold Disclosure: Held
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