On September 30, 2016, Aqua Mining Ltd., a subsidiary of
On September 30, 2016, Aqua Mining Ltd., a subsidiary of Kibush Capital Corporation (the “Company”) and the owners of Paradise Gardens Development (PNG) Ltd of Papua New Guinea, Diract Pty Ltd as Trustee for Diract PNG Trust (the “Seller”), entered into a Settlement Agreement (the “Agreement”) finalizing over a year of negotiation regarding a draft Share Sale Agreement to acquire Paradise Gardens Development (PNG) Ltd (“Paradise Gardens”). Paradise Gardens is engaged in the business of logging and timber processing, but the Company has been serving as the management company for Paradise Gardens pursuant to a Management Agreement dated June 11, 2015. The purchase price to acquire 100% of the outstanding shares of the Paradise Gardens is AUS $26,250 ($19,687.50 USD) (the “Purchase Price”). The assets of Paradise Gardens include logging equipment, processing equipment, a lease, and other tangible and intangible property. The foregoing description of the Agreement contained herein is a summary of the material terms, does not purport to be complete, and is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 2.01 Completion of Acquisition or Disposition of Assets.
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