Black Rock Mining Ltd (ASX:BKT) has been offered the Ocean Hill Permit (STP-EPA0090) by the WA Department of Mines & Petroleum.
Black Rock confirms that all conditions precedent to the awarding of the Ocean Hill permit have been satisfied and the company is progressing settlement of the sale of Ocean Hill to Eneabba Gas (ASX:ENB).
Under the sale contract to ENB, Black Rock Mining will receive as consideration:
- ENB to make a cash payment of $300,000 to Black Rock; and
- ENB to issue 40,000,000 ENB shares to Black Rock.
ENB shares last traded at $0.015, which gives a book value of $600,000.
Black Rock added that it looks forward to being able to finalise the settlement of the sale of Ocean Hill to ENB.
Black Rock is focused on developing its Mahenge graphite project in Tanzania.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.