Update on proposed completion of Taronga Tin Project Divestment

Aus Tin has a current MC of $12.7M

and on the 8th of April divest the Taronga Tin Project for Total Consideration of $32.85M

(I went to post yesterday it’s finished today up 100% testing 0.002c. Yes wild SOI.) : )

Highlights:

• ➢ Aus Tin has entered into a Sale and Purchase Agreement (“SPA”) to sell its 100% owned subsidiary company Taronga Mines Pty Ltd, which owns the Taronga Tin Project, to First Tin. First Tin is a United Kingdom based, tin focused company with substantial tin assets in Saxony, Germany. First Tin is proposing to list on the main board of the LSE on 8 April 2022.
• ➢ Under the terms of the SPA:

1. On completion, Aus Tin will receive 60 million shares in First Tin, or a minimum of 22.6% of the
2. shares in First Tin at an issue price of not less than 30 pence.
3. First Tin must complete a Capital Raising of £20 million (which it has advised has now occurred).
4. The shares which Aus Tin is issued in First Tin will be subject to an escrow period of 12 months. Under the SPA, the escrow period for some of the shares may be reduced if the issue price of First Tin shares is substantially exceeded in the market during the escrow period.
5. In addition to share consideration in First Tin, Aus Tin has already received cash of A$1.35 million.
6. Aus Tin has been granted a right to one Board seat provided its shares in First Tin continue to represent more than 10% of First Tin. Aus Tin intends that Nicholas Mather will fill that position.
7. A Services Agreement with Robert Kidd (Interim CEO of Aus Tin) will be executed to appoint him as the Project Manager of the Taronga Project.

➢ Sale consideration payable to Aus Tin:

1. 60 million First Tin shares at a price of 30p = £18 million which is notionally equivalent to A$31.5
2. million;
3. Cash of A$1.35 million;
4. Total Consideration = A$32.85 million.

Wild SP of $0.001 and over 12B SOI yesterday: ) 

https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02505276-2NNI5NHDSN0N19SM76RDBMP1MH/pdf?access_token=0007jwtgtdQjkJiBI9AGtMtlKLK