Westgold Resources Limited (ASX:WGX) (Westgold) is pleased to advise that its wholly owned subsidiary, HBJ Minerals Pty Ltd (HBJ) has signed mining tribute agreement over Cannon Mine area. The deal covers an area within a 1 km radius of the Cannon mine on Southern’s ML25/333 for a five year period.
The Cannon open pit was successfully mined by HBJ under a mining and profit sharing agreement. This new agreement is essentially an extension to that agreement whereby the underground extension of that ore system will mined exploiting the wedge of ore beneath the Cannon Pit and its down-plunge extensions into the wholly-owned Georges Reward prospect which will be mined in conjunction. Both ore systems remain open down-dip and down-plunge.
Under the agreement, HBJ has the right to all ores mined, which will be separately accounted for, and all production will be attributable to HBJ. Drill results and resource estimates for the ore under the pit have previously been reported, estimated and announced by Southern.
HBJ will pay Southern as follows: A $1.5 million cash payment of rthe rights to mine the ore (within 5 days of signing). A payment of $160 per ounce of gold produced from M25/333 up to 15,000 ounces. A payment of $180 per ounce of gold produced above 15,000 ounces. A bonus payment of $30 per ounce on gold produced in any production period that the gold price averages $1800 per ounce for three consecutive months.
Volt Power Group Limited (Volt or Company), is pleased to announce that the Company has successfully completed: the acquisition of Wescone Distribution Pty Limited (Wescone), a leading
WA based manufacturer and supplier of proprietary sample crushing solutions, predominantly to the global iron ore industry
Overland Resources Limited (the Company or Overland) is pleased to advise that it has executed a binding term sheet with Rafaella Resources Ltd (Rafaella) for the sale of its McCleery Copper-Cobalt project in Yukon, Canada, for the value of $100,000 in Rafaella shares,
Manas Resources Limited (ASX:MSR) (“Manas” or “Company”) is pleased to announce that it has entered into agreements to acquire the rights to earn an up to 85% interest in the Gonsan Project and an up to 80% interest in the Bouaké Nord Project located in Côte d’Ivoire,West Africa. Within 30 days of grant of each Gonsan permit application, Manas is required to make payments of 6,000,000 FCFA (approximately AUD$14,000) to Gonsan and further annual payments of 6,000,000 FCFA on the anniversary of each retained permit for up to 4 years.
Under the terms of its agreement with Gonsan, Manas is also required to sole fund minimum exploration expenditure on each of the 3 Gonsan permits as follows: Before the end of Year 1 (from granting of permit): FCFA 64,000,000; Before the end of Year 2: FCFA 160,000,000; Before the end of Year 3: FCFA 320,000,000; and Before the end of Year 4: FCFA 640,000,000.
Within 30 days of grant of the Bouaké Nord permit application, Manas is required to make payment of US$25,000 to Eburnea and further annual payments of US$25,000 on the anniversary of the permit for years 1 to 3 and US$75,000 for year 4.
Under the terms of its agreement with Eburnea, Manas is also required to sole fund minimum exploration expenditure on the permit as follows: Before the end of Year 1: FCFA 62,000,000; Before the end of Year 2: FCFA 155,000,000; Before the end of Year 3: FCFA 309,000,000; and Before the end of Year 4: FCFA 615,000,000.
MetalsTech Limited (MTC or the Company) is pleased to announce that the Company has completed the consolidation of the 100%-owned Wells-Lacourciere Lithium Project, located in Quebec, Canada. The Company entered into a binding acquisition agreement on 21 September 2016 to acquire three key claims at the Wells-Lacourciere Lithium Project (known as Wells-Lacourciere Extension II), adjacent to the Company’s existing tenements, pursuant to which, staged payments were to be made to the Vendors with the final payment due on or before 21 September 2018.
Pursuant to the acquisition agreement, the Company was required to make the following payments to the Vendors: 1. twelve-months from the date of execution of the Agreement, a cash payment to the Vendors of C$50,000 2. twenty-four-months from the date of execution of the Agreement, a further and final cash payment to the Vendors of C$50,000
On the basis that the above payments were completed, the Company would have 100% legal and beneficial title to the three key claims. To expedite the acquisition and the consolidation at Wells-Lacourciere, the Company entered into a deed of variation, whereby the Company would make the following payments to the Vendors: 1. a cash payment of CAD$50,000 to the Vendors (Paid) 2. the issue of 165,000 fully paid ordinary shares to the Vendors, subject to 4-months voluntary escrow from the date of issue (Issued) These three key claims are now held 100% by the Company and transfer of the respective CDC mining claims is currently underway.
Pacifico Minerals Ltd (“Pacifico” or “Company”) is pleased to announce that the company has received binding commitments to raise approximately $750,000 through a placement of approximately 125 million new fully paid ordinary shares (“Shares”) at an issue price of 0.6 cents per share (“Placement”).
Pursuant to the prospectus prepared by Marindi Metals Ltd (Company) and lodged with the Australian Securities and Investments Commission on 12 December 2017 (Prospectus), the Company is pleased to announce the results of its fully underwritten non-renounceable pro rata entitlement issue of one (1) Share for every six (6) Shares held at an issue price of $0.012 (1.2 cents) per Share (Offer).
The board wishes to advise that it has received applications for 105,213,597 of the 254,351,441 Shares to be issued under the Offer, with a total value of $1,347,481, and therefore there is a shortfall of 149,137,844 Shares. The Company has today issued a notice of shortfall to Argonaut Capital Limited (Underwriter) pursuant to the underwriting agreement between the Company and the Underwriter dated 6 December 2017 (Underwriting Agreement).
As further detailed in the Prospectus, the Underwriter has agreed to underwrite the subscription of up to 254,351,441 Shares on the terms and conditions specified in the Underwriting Agreement. It is expected that the underwriting will raise an additional $1,789,654. The $3.05 million total raised from the underwritten entitlement issue will complement the proceeds of the associated $1.31 million placement to institutional and sophisticated investors in December 2017.
Protean Energy Limited (ASX: POW) (Protean or the Company) is pleased to announce it has received commitments to raise $1 million through a placement of 40,000,000 shares at an issue price of 2.5¢ per share (Placement). The Placement was managed by CPS Capital Group Pty Ltd (CPS Capital) and was heavily supported by new and existing shareholders.
K2Fly Limited (K2fly or the Company) is pleased to announce that it has received firm commitments to raise approximately $1.2m via an over-subscribed share placement at a price of $0.25 per share. The issue price represents a discount of approximately 10% to K2fly’s last closing price of $0.28 and a discount of 16.5% to the 5 day volume weighted average price (VWAP).
Ironbark Zinc Limited (ASX: IBG) (“Ironbark” or “the Company”), is pleased to announce it has completed a book build for a placement to institutional and sophisticated professional investors to raise up to $6 million at an issue price of $0.062 per share (“Placement”).
Forte Consolidated Limited (ASX:FRC) (FRC or the Company) is pleased to announce it has entered into a conditional binding agreement (Agreement) to acquire a 100% interest in the Mt Lucky Project (M38/1256), a gold project located in Western Australia, from an entity associated with Executive Chairman, John Terpu. The Mt Lucky project comprises a small Mining Lease M38/1256 held by Valleybrook Investments Pty Ltd. M38/1256 was granted to Valleybrook Investments Pty Ltd in 2012 for a term of 21 years. The tenement lies within the Mt Margaret Mineral Field of the northeastern Goldfields of Western Australia.
The consideration payable by the Company is: (i) $260,000, subject to the ASX being satisfied that the cash payment is reimbursement of expenditure incurred in developing the Tenement as required by Chapter 10 of the ASX Listing Rules; (ii) 14,500,000 fully paid ordinary shares in the capital of the Company (Share) at a deemed issue price of $0.02 per Share
As announced on 16th January 2018 Alt Resources Limited (Alt, or the Company) has entered into a binding Heads of Agreement (HOA) with Latitude Consolidated Limited (LCD) to purchase tenement assets. Alt is now pleased to announce completion of the first condition of the HOA, being the cash payment of $400,000 to LCD.
With payment of the US$75 million up-front consideration by Base Resources, the initial 85% interest in the wholly owned Mauritian subsidiaries of World Titane Holdings Ltd, which between them hold a 100% interest in the Toliara Sands Project in Madagascar (held through wholly owned subsidiaries in Madagascar), and control, has now been transferred to the Company. Base Resources will acquire the remaining 15% interest, with a further US$17 million payable on achievement of key milestones as the project advances to mine development.
Cradle Resources Limited (“Cradle” or “Company”) (ASX: CXX) is pleased to announce that it has placed 24.2 million shares at an issue price of $0.12 per share to institutional and sophisticated investors to raise gross proceeds of $2.9 million (“Placement”).
Plant-based health and wellbeing company Algae.Tec Limited (“the Company” or “AEB”) (ASX: AEB) is pleased to announce a capital raising of $2,500,000 (“the placement”) to be utilised to advance existing nutraceutical and medicinal cannabis operations. Funding A$2,500,000 placement at $0.04 per share with an attaching one for one listed option (AEBO). Empire Equity acted as lead manager to the Placement with clients of Cove Capital major participants.