Labyrinth Gold Project Sale Conditions Satisfied

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce that the outstanding conditions for the sale of its Labyrinth and Denain Projects in Canada for USD$3.5M (~A$5.32M) cash have been satisfied or waived.

The Sale and Purchase Agreement (first announced on 8 January 2024) has been varied pursuant to which:

• the deposit of USD$175,000 paid by the purchaser, Gold Projects WA Pty Ltd, to Labyrinth is now non-refundable in all circumstances;
• settlement is to occur on or before 15 May 2024 (unless otherwise agreed between the parties in writing);
• interest of 6% per annum, accrued from 29 February 2024 until settlement, on the balance of the cash consideration payable to Labyrinth at settlement; and
• International Precious Metal Refiners LLC which operates in the United Arab Emirates, has replaced Erasano DMCC as the Purchaser Guarantor.

This announcement has been authorised and approved for release by the Board.

Click here for the full ASX Release

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