Ascot Resources

A$20m sale of the Wonmunna Iron Ore Project to Australian Aboriginal Mining Corporation

December 2018

On 12 June 2018, Ascot Resources announced it had executed an agreement to sell Wonmunna Iron Ore Pty Ltd, Ascot’s wholly owned subsidiary that 100% owns the Wonmunna Iron Ore Project, to Australian Aboriginal Mining Corporation for total consideration of A$20 million and assumption of existing royalties payable to third parties.

Following satisfaction of various conditions precedent, the transaction completed in December 2018.

Azure advised Ascot on all aspects of the transaction including valuation and strategic advice, structuring, coordination of due diligence, shareholder management and communication, and negotiation of the relevant transaction agreements.