This satisfies the remaining condition to the initial investment by Red Kite, which consists of the purchase of a 2% Unicorn Project royalty for A$4.5 million and the subscription of A$0.8 million for new Dart shares at a 10% premium to 20 day VWAP.
Dart anticipates that the first tranche of Red Kite's investment into the Unicorn molybdenum project and Dart Mining should be received before mid-May.
The second tranche of Red Kite's investment is subject to Red Kite being satisfied that certain milestones relating to the Unicorn Project - including demonstrated progress with the prefeasibility studies, with a particular focus on environmental approvals, tailings and metallurgy - have been satisfied.
Unless extended, these conditions must be met by 31 October 2014.
Dart is confident these conditions can be met well in advance of that date, with key aspects of the Unicorn Project prefeasibility study already having been commenced.
Completion of the second tranche will bring Red Kite's total investment to the purchase of a 3% Net Smelter Royalty in the Unicorn Project for cash of $8.5 million, and the injection of $1.5 million in new equity into Dart.
Dart had $1.81 million in cash as of 30 March 2013.
About Red Kite
Red Kite provides mining companies with project financing and metal off-take agreements for initiation or expansion of mine production and is part of the Red Kite group.
Red Kite operates across the global metals industry from offices in Bermuda, Denver, Hong Kong, London, New York, Shanghai and Sydney. Investors in Red Kite funds include college endowments, foundations, family offices, pensions and other institutional investors.
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