LHN has, through its joint venture company (JVC), accepted the option under the option to purchase for the acquisition of the Amber property at the purchase price of $27 million.

The option to purchase has become the binding sale and purchase agreement (SPA) for the Amber property.

As at March 24, the JVC has paid $1.35 million or 5% of the purchase price. The balance of $25.65 million will be paid upon the completion of the acquisition.

The acquisition is expected to be completed by June 8.

The consideration will be paid through bank borrowings and the JVC’s internal resources.

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Shares in LHN closed flat at 18.8 cents on March 24.