Under the terms of the LOI, upon receipt of the sum of $9.5 million, or 1% of the consideration, by Oxley Gem, the purchaser shall be entitled to carry out property due diligence during the period up to Apr 15.
The purchaser shall then pay $38.0 million, or 4% of the consideration, on Feb 28, and a further sum of $47.5 million, or 5% of the consideration, on the signing date of the sale and purchase agreement or Apr 15, whichever earlier.
The deposits are non-refundable, save upon the occurrence of certain events listed in the LOI.
Shares in Oxley closed 3.51% higher at 30 cents on Thursday.
