PERTH (miningweekly.com) – ASX-listed Minotaur Exploration has terminated an April agreement to divest of its Leinster tenements, in Western Australia.
Under the original agreement, Minotaur would have received A$1.55-million in a mixture of cash, shares and a milestone payment from the private investment firm acquiring the assets.
The transaction was subject to consent under the Mining Act of Western Australia, as well as the purchaser receiving conditional approval from the ASX for a planned share listing and quotation on the ASX.
However, Minotaur on Tuesday said that the purchaser has advised the company that it would not be able to satisfy one of the conditions precedent, and as a result, the company has now terminated the transaction.
The purchaser has argued that Minotaur is not entitled to terminate the agreement, but Minotaur has maintained that it is within its rights to do so.