Marquee receives Payment for Sale of Centenario
WWW.MARQUEERESOURCES.COM.AU 22 Townshend Road Subiaco WA 6008 1 MARQUEE RECEIVES PAYMENT FOR SALE OF CENTENARIO Marquee Resources Limited ( Company or Marquee ) ( ASX: MQR ) is pleased to announce that the completion of a Share Purchase Agreement (the Agreemen t) with Vertex Lithium Corporation ( Vertex ), to acquire MQR’s 30% per cent interest in Centenario Salar ( Centenario ) in Argentina has now occurred. The Centenario transaction with Vertex releases the Company from future annual exploration spending obligations set under Argentinean regulations. It also removes the cost of holding the asset in a foreign jurisdiction in which the Company or its JV Partner Lithium Power International Ltd (ASX:LPI) had no plans to conduct future exploration on. As previously announced the Share Purchase Agreement was executed in May 2021, with a six - month deferred settlement. The transaction provides MQR with a realisation of value, t he basic details of the transaction being: • A cash payment of USD$300,000 for MQR’s 30% per cent shareholding in the holding Company ; and • MQR has opted for the CAD$250,000 worth of fully paid ordinary shares in Vertex to be paid in cash, due to the delay in the IPO of Vertex on the T SX . Therefore, USD$200,000 has been received in lieu of shares. Taking the total amount r eceived under the transaction to ~ USD$500,000. • The milestone payments expired on 5 th September 2021 and as such this now completes the transaction with no further payments due from Vertex or payable from MQR to the original vendors . This ASX Release has been approved by the Board of Directors. Charles Thomas Executive Chairman Marquee Resources email@example.com
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