KGL Resources (ASX:KGL) received payment of the first tranche of $16 million under a precious metals purchase agreement with Wheaton Precious Metals, comprising upfront consideration of $275 million and an additional contingent deposit of $25 million under a cost overrun facility, according to a Thursday Australian bourse filing.
The company said it had a cash balance of about AU$5.5 million as of May 31, with available cash of about AU$28 million following receipt of the first tranche of the early deposit, the filing added.
The company's shares rose past 11% in recent Thursday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments