Sundance Resources Limited (ASX: SDL) has updated the market on the agreement with AustSino Resources Group (ASX: ANS) as announced on 8 July 2019 and later updated with a letter agreement announced on 22 October 2019.
As AustSino has not sent its Notice of Meeting to its shareholders seeking shareholder approval for its placement agreement with Western Australian Port Rail Construction (Shanghai) Ltd (“WAPRC”), AustSino will not be able to satisfy the conditions precedent to the Sundance Agreement by 30 June 2020 as was agreed to in the SDL Letter Agreement.
Sundance will now discuss AustSino’s pending breach of the conditions precedent with the Company’s Noteholders as well as with AustSino. The market will be updated as soon as the position becomes clearer.
Sundance reserves its rights as a consequence of AustSino not meeting its obligations under the SDL Letter Agreement and Sundance Agreement.
At this point, Sundance will continue to complete its conditions precedent for the Sundance Agreement by holding its General Meeting on 29 June 2020, as was published in the Company’s Notice of Meeting issued to shareholders on 28 May 2020.