| Update on sale of interests in Weld Range Metals | |
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ASX ANNOUNCEMENT 7 SEPTEMBER 2015
UPDATE ON SALE OF INTEREST IN WELD RANGE METALS LIMITED
Further to its announcement on 4 August 2015, Dragon Mining Limited ("Dragon Mining" or "the Company") provides the following update on the proposed sale of its 39.95% interest in Weld Range Metals Limited, the owner of the Weld Range Project that is located in the Mid-West region of Western Australia, to Ausinox plc ("Ausinox").
Dragon Mining has agreed to extend the completion and end date for the Share Sale Agreement with Ausinox from 31
August 2015 to 11 September 2015.
$750,000 of the $1 million agreed consideration remains outstanding. Ausinox has agreed to pay penalty interest at a rate 1% higher than the penalty interest rate stipulated in the Agreement, to be calculated from the date of execution of the Agreement to 11 September 2015 (which equates to approximately $132,216). Ausinox has also agreed to reimburse Dragon Mining an additional $33,742 which represents costs incurred, over and above the purchase price, by Dragon Mining as a result of non-completion.
The Company will update on progress in due course.
For and on behalf of
Dragon Mining Limited
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : DRA.AX |
ISIN : AU000000DRA1 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Dragon Mining is a nickel and gold producing company based in Australia. Dragon Mining develops nickel, gold and copper in Australia, in Eritrea and in Finland, and holds various exploration projects in Australia, in Finland and in Spain. Its main assets in production are SVARTLIDEN in Sweden and ORIVESI in Finland, its main assets in development are VAMMALA, PAMPALO and KUUSAMO in Finland, WELD in Australia and ZARA in Eritrea and its main exploration properties are ASHBURTON and WELD RANGE in Australia, KAAPELINKULMA, RITAKALLIO, TAMMIJÄRVI, SUKSETON, HANHIMAA, KUHMO and KYLYLAHTI in Finland and LUGO in Spain. Dragon Mining is listed in Australia and in Germany. Its market capitalisation is 90.6 millions as of today (US$ 61.1 millions, € 55.9 millions). Its stock quote reached its lowest recent point on December 12, 2014 at 0.08, and its highest recent level on July 23, 2021 at 4.69. Dragon Mining has 47 442 200 shares outstanding. |