Classic's satisfaction deadline extended

Classic Minerals' bid to secure 100 per cent ownership of its Forrestania gold project - located near Southern Cross - from Reed Exploration has been delayed, due to some agreement conditions having not yet been satisfied.

On October 3 2023, Landsdale-based Classic announced it had entered into an agreement with Reed to purchase the remaining 20 per cent of the operation, after purchasing an 80 per cent gold rights stake in 2017 from a third party. 

As part of the transaction, Classic agreed to pay a non-refundable $50,000 deposit to Reed following execution of the sale agreement - along with providing a $200,000 consideration, issuing 500 million Classic shares to the company at $0.001 cent per share and a $106,196 reimbursement payment for Reed maintaining Forrestania in good standing on or before November 30 2023. 

Classic's deadline to satisfy all conditions has now been extended until April 30, or an earlier date whereby both parties agree. 

"Both Classic and Reed are committed to completing the transaction and are taking all necessary steps to ensure that the transaction completes in a timely manner," Classic said.

Upon attaining 100 per cent ownership of Forrestania, Classic will be given full rights to explore for gold and additional minerals, including lithium and nickel.