Kingston Resources Limited entered into a binding agreement to acquire Mineral Hill Gold-Copper Mine in NSW from Quintana MH Holding Co LLC for AUD 22.7 million.

Kingston Resources Limited (ASX:KSN) entered into a binding agreement to acquire Mineral Hill Gold-Copper Mine in NSW from Quintana MH Holding Co LLC for AUD 22.7 million on November 18, 2021. Under the terms of the acquisition, Kingston has agreed to pay Quintana a combination of upfront cash and shares, deferred cash payments, and a 2% royalty over production. The consideration is comprised of, AUD 1.3 million upfront cash, AUD 10.7 million upfront equity, and AUD 10.7 million deferred cash payments.

Kingston intends to fund the Transaction through a AUD 14.0 million placement and a AUD 4.0 million Share Purchase Plan. The proceeds of the Equity Raising, together with existing cash reserves of approximately AUD 5 million, will be used to complete the acquisition. The transaction is subject to Kingston Resources Limited (ASX:KSN) shareholders approval in Annual general meeting to be held on December 14, 2021.

As of December 14, 2021, Kingston Resources Limited's shareholders approved the transaction. The transaction is expected to occur on or before the end of January 2022.