The first of many boxes to be ticked......
WAFIN SIGNS ONTO SUNDANCE RESOURCES AGREEMENT
Austsino Resources Group Limited (‘Austsino’ or ‘Company’ (ASX: ANS) refers to its announcement dated 25September 2018 advising that the Company had signed a binding but conditional placement agreement withWestern Australian Port Rail Construction (Shanghai) Ltd (WAPRC) under which WAPRC will invest $100m for a ~61%interest in the Company and further that the Company signed a binding but conditional agreement with SundanceResources Limited (ASX: SDL) (‘Sundance’) and its noteholders, other than Wafin Limited (‘Wafin’), whereby theCompany will invest $58m for a ~51% interest in Sundance.
AustSino is pleased to advise it has received confirmation from Sundance that Wafin has executed a deed poll dated28 September 2018 (‘Accession Deed Poll’) pursuant to which Wafin has agreed to be bound by the terms of theagreement relating to the cancellation of the convertible notes of Sundance and the issue of securities to AustSinoand the noteholders of Sundance dated 24 September 2018 (‘Agreement’).
The execution of the Accession Deed Poll by Wafin means all noteholders of Sundance are bound by the Agreement,satisfying a key condition precedent.
AustSino will remain in suspension while it responds to the ASX’s request for further information concerning theabovementioned proposed transactions, including regarding WAPRC and its corporate/capital structure, the sourceof funds and the new controllers of the Company following completion of the WAPRC placement.
Please note that the proposed WAPRC and Sundance transactions remain subject to a number of conditions andthere is no guarantee that either of one or both will complete in accordance with their terms.
