Labyrinth Resources satisfies sale conditions for Labyrinth and Denain Projects in Canada

Labyrinth Resources Limited (ASX: $LRL) has announced the satisfaction of the outstanding conditions for the sale of its Labyrinth and Denain Projects in Canada for USD$3.5M (~A$5.32M) cash. The Sale and Purchase Agreement, initially disclosed on 8 January 2024, has been amended to include non-refundable deposit terms, a revised settlement date, accrued interest, and a replacement Purchaser Guarantor.

Executive Commentary on Sale Conditions Satisfaction

The Company is pleased to confirm the fulfillment of the sale conditions for the Labyrinth and Denain Projects in Canada. The amendment to the Sale and Purchase Agreement reflects the commitment of both parties to proceed with the transaction. We look forward to the settlement and are confident in the potential benefits this sale will bring to Labyrinth Resources and its stakeholders.

Summary of Labyrinth Resources' Sale Conditions Satisfaction

Labyrinth Resources Limited (ASX: $LRL) has successfully met the conditions for the sale of its Labyrinth and Denain Projects in Canada, paving the way for the USD$3.5M cash transaction. The amended terms of the Sale and Purchase Agreement, including the non-refundable deposit, revised settlement date, accrued interest, and the replacement of the Purchaser Guarantor, demonstrate the progress towards finalizing the sale. The Company remains optimistic about the positive impact of this transaction and looks forward to the upcoming settlement, anticipating the potential value it will deliver to the business and its stakeholders.