954deb964e8ec28c9e7940.pdf
7 October 2015
Market Announcements Platform ASX Limited
Exchange Centre 20 Bridge Street
Sydney NSW 2000
Update on Agreement to Acquire Mozambican Licences
Auroch Minerals NL (ASX: AOU) (Auroch or the Company), refers to the conditional agreement between Big Un Limited (previously Republic Gold Limited) (Big) and the Company entered into on 11 June 2014 to acquire African Stellar Mozambique Limitada (ASMoz), the holder of three prospecting licences and four prospecting licence applications in the Manica and Sofala Provinces of Mozambique (Agreement).
The Agreement was subject to completion of certain conditions precedent, including ministerial consent and regulatory approval as required by Big and the Company. The Agreement originally had an End Date of 1 October 2014 which was extended to 30 June 2015. The End Date was subsequently extended to 30 September 2015.
Given the significant amount of time that has transpired from the execution of the Agreement in June 2014 and noting that the conditions to completion were not satisfied by 30 September 2015, Auroch has provided notice to Big that the agreement has terminated. Big has made a claim against the Company relating to the Agreement and shares that were proposed to be issued to Big on completion, with a maximum liability of the value of the consideration (being 6,538,462 Auroch shares with a value of approximately $533,000 based on the current market price of Auroch shares). The Company has engaged counsel to assist with the claim.
For further information visit www.aurochminerals.com or contact:
Glenn Whiddon Chairman
Auroch Minerals NL T: +61 8 9486 4036