AuKing Mining to Acquire 100% Stake in Malawi Project

MT Newswires Live

Aug 04

AuKing Mining (ASX:AKN) agreed to acquire a 100% interest in the Machinga project in Malawi, comprising about 200 square kilometers across two exploration licenses, according to a Tuesday filing with the Australian bourse.

The transaction involves a non-refundable AU$5,000 cash payment to secure a 40-day exclusivity period, AU$750,000 cash, and AU$750,000 in shares issued at AU$0.025 apiece on completion, the filing said.

The company will also pay nearly AU$1.3 million in performance shares, subject to milestone-based consideration, with a total of 50 million performance shares to be issued at AU$0.025 apiece, per the filing.

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