Ardea has signed a binding Terms Sheet with Australian Jade Mining Limited (AJML) that will realise over $5 million value from non-core assets.
o $200,000 up-front payment received
o $800,000 payment on transfer of tenements
o $1 million within one year of execution
o $3 million of AJML shares in IPO or cash payout
o Ongoing 2% royalty on AJML’s gross sales
· AJML intends to commence chrysoprase mining as soon as possible, and aims to become Australia’s premiere chrysoprase supplier into the Chinese jewellery market
· AJML will be offered first right of refusal to purchase other chrysoprase deposits discovered by Ardea at commercial rates
· Chrysoprase is commonly known as ‘Australian jade’ in China where increased demand for the semiprecious gem is to be met by AJML through its relationships in the high-end Chinese jewellery industry
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