Metal Bank Limited (ASX:MBK) entered into a binding agreement to acquire 75% stake in Livingstone Gold Project from Kingston Resources Limited (ASX:KSN) for AUD 10 million on October 25, 2021. The consideration will be paid in AUD 2.5 million cash consideration cash along with AUD 1 million in Metal Bank equity which amounted to 125 million shares. A further 62.5 million options in Metal Bank would also be issued, exercisable at AUD 0.016 each.

AUD 1.5 million cash payment upon the identification of a 100koz gold equivalent JORC Resource or 12 months post-completion, whichever is sooner AUD 1 million cash payment upon the identification of a 250koz gold equivalent JORC Resource AUD 4 million cash payment upon the identification of a 500koz gold equivalent JORC Resource. The transaction is subject to customary terms and conditions and approval by Metal Bank shareholders. The vote is scheduled to take place on November 29, 2021, with transaction completion anticipated shortly thereafter.

The Transaction will be undertaken through the sale of 100% of the issued capital in Westernx Pty Ltd, a wholly-owned subsidiary of Kingston Resources Limited.