Avoca divests SA project to Rex for scrip issue

West Perth-based minerals explorer Avoca Resources Ltd will sell its South Australian iron oxide copper-gold project to Victoria-based Rex Minerals Ltd for a scrip issue, the company has announced. Rex, which aims to list on the Australian Stock Exchange in August, will issue six million shares worth $1.5 million to Avoca, giving the company an 11 per cent stake when Rex lists.

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