Emmerson Resources Invoices AU$10.5 Million to Joint Venture Partner

MT Newswires Live

Mar 24

Emmerson Resources (ASX:ERM) has invoiced Tennant Consolidated Mining Group, a subsidiary of Pan African Resources, AU$10.5 million as the minimum production payment (MPP) for the northern project area of the Small Mines Joint Venture, according to a Tuesday Australian bourse filing.

The payment will be made in three instalments in April, May, and June, while a similar MPP for the southern project area, tied to gold prices, will be invoiced in late May, per the filing.

The company has also agreed to be fully acquired by Pan African through a scheme of arrangement, under which the company's shareholders will receive 0.1493 Pan African shares for each share they hold, the filing said.

The company board has unanimously recommended the scheme, subject to a positive assessment by an independent expert, with a shareholder meeting planned for mid-year and implementation to follow soon after, the filing added.

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