02/04/2018 - 14:11

Corporate finance deals Mar 26 to 30 2018

02/04/2018 - 14:11

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Corporate finance deals Mar 26 to 30 2018

Innovative shareholder registry management company, Advanced Share Registry is pleased to announce it has signed a binding agreement with Private Company Platform Pty Ltd to acquire a 51% shareholding in PCP. Whilst the initial cash investment by ASW is of modest size, ASW will also fund PCP by way of loans and commit its staff resources and systems architecture to build a solid foundation for the PCP platform to attract companies.

 

ADX Energy is pleased to announce it has finalised the agreement announced on the 4th of December 2017 with Reabold Resources Plc to invest US$2 million in the recently incorporated Danube Petroleum which, following the recent completion of transfers, holds ADX’s 50% interest in the Parta exploration license and a 100% participating interest in the Parta Appraisal Program scheduled for late 2018.

 

Alderan Resources is pleased to announce it has significantly expanded its mineral rights in the Milford region close to its Frisco Project in Utah, USA by staking more than 719 new mineral claims and securing a State Mineral Lease. The Company has also signed an exclusivity agreement with Horn Silver Mines Inc over an additional 402 claims. Alderan has entered into a memorandum of understanding and exclusivity agreement with Horn Silver Mines Inc., in respect to 402 claims held by HSM in the Frisco region. Key terms of the MOU are: • Alderan to pay an amount of US$20,000 to have the exclusive right until 15 July 2018, or a later date as agreed in writing, to enter into a transaction with HSM on the Harrington and Northern Beaver Mountains clams; and • Alderan is to conduct an initial data and geological review of the Harrington and Northern Beaver Mountaints claims.

 

Aura Energy is pleased to advise that it has closed a private placement to sophisticated investors in Australia and the United Kingdom and raised A$3.7m before costs. The capital raising, more than twice over-subscribed, was led by Melbourne boutique, Peak Asset Management. at 1.9 Australian cents • 1 option for every 2 shares subscribed • Options are unlisted and exercisable at 3.3 cents, expiring September 2019 • 194,736,842 fully paid ordinary shares to be issued • 97,368,421 options granted over ordinary shares

 

Australis Oil & Gas is pleased to advise it has completed the placement of 115,280,000 new ordinary fully paid shares at A$0.34 raise A$39,195,200, before issue costs. The new shares were placed with institutional and sophisticated investors.

 

Boss Resources is pleased to announce the successful completion of a placement of approximately 200 million new ordinary shares to raise $8m at $0.04 per share. The New Shares will be issued pursuant to ASX Listing Rule 7.1.

 

Classic Minerals has raised $1 million through a share purchase plan at 0.4 cents a share.

 

Corizon is pleased to announce that it has entered into a binding Term Sheet for the acquisition of 100% of the issued capital in RWG Minerals Pty Ltd (ACN 601 019 112), held by GWR Group. A summary of the consideration for and conditions precedent to the Acquisition are set out later in this announcement. RWG has 100% interests in 4 granted exploration licences located in Western Australia as further described in the Schedule 1. Corizon has agreed to acquire and the Vendor has agreed to sell all of its rights and interests in all of its shares in the capital of RWG on the key terms and conditions set out in this announcement (Acquisition). Consideration (a) pay $50,000 in cash to the Vendor (or its nominee) (Deposit) to the account nominated in writing by the Vendor, otherwise by bank cheque payable to the Vendor (or its nominee), within 2 business days of the ASX giving written notice to the Purchaser that the ASX is satisfied that the cash payment is reimbursement of expenditure incurred in developing the Tenement as required by Chapter 10 of the ASX Listing Rules; and (b) issue that number of fully paid ordinary shares in the capital of the Purchaser (Purchaser Shares) equal to $200,000 based on a deemed issue price per Purchaser Share equal to the issue price of Purchaser Shares issued under the Capital Raising (defined below) (Consideration Shares), (together the Consideration).

 

Further to the announcement on 17 January 2018, Draig Resources is pleased to advise that it has completed the acquisition of the highly prospective and under explored Yandal South Gold Project. The Yandal South Gold Project (557km2) is located between Echo Resources' Bronzewing Project and gold processing plant as well as Red 5’s Darlot Gold Project and gold processing plant and is only 40 kilometres to the east of Draig’s Bellevue Gold Project. The Company has paid $100,000 and issued 3,000,000 ordinary shares in accordance with the acquisition terms announced on 17 January 2018.

 

EganStreet Resources is pleased to announce that it has issued 48,092,762 shares raising $12,023,190 (before costs). The shares issued are connected to the exercise of EGAO options which expired on 13 March 2018. The listed Options were issued on a 3-for-2 basis as part of the Company’s $6 million Initial Public Offering in September 2016.

 

Eve Investments confirms it has today allotted 23,078,500 ordinary shares at 1.3 cents per share, raising $300,000, as partial allotment of the Shortfall Shares announced by the Company on 5 March 2018.

 

Force Commodities is pleased to confirm that the Joint Venture Agreement and associated documentation in respect to the Kanuka Lithium Production Project, located in in Tanganyika Province in the south east of the Democratic Republic of Congo (DRC), has been executed in line with the key terms previously advised.

 

Hexagon Resources is pleased to announce that it has signed a binding Heads of Agreement with Mineral Resources covering the development of Stage 1 of the McIntosh Graphite Project. Under the agreement, Hexagon and MinRes will establish an unincorporated joint venture, with Hexagon and MinRes respectively holding a 49% and 51% participating interest. Hexagon will transfer to MRL a 51% legal interest in the McIntosh Project assets including the tenements once MRL has expended $300,000 on the exploration or development of the McIntosh Project tenements.

 

Further to the announcement on 26 February 2018, Kalia is pleased to announce that it has entered into a formal share sale agreement with Global Resources Investment Trust PLC to consolidate the non- landowner interests in Exploration Licences 03 and 04, in the Tore  region in the north of Bougainville Island, Autonomous Region of Bougainville, Papua New Guinea. Exploration Licences 03 and 04 are currently held by Kalia Holdings Pty Ltd, the Company’s 72.29% owned subsidiary. The SSA is conditional upon Kalia obtaining all necessary shareholder and regulatory approvals which, once obtained, will see GRIT acquire up to 21.28% of the Company’s issued capital through the issue of 480,000,000 shares in consideration for the acquisition by the Company of its 27.71% interest in Kalia Holdings.

 

Marindi Metals, is pleased to announce it has entered into a landmark binding Memorandum of Agreement  with major Japanese resources group, Japan Oil, Gas and Metals National Corporation (JOGMEC) enabling it to earn-up to a 70% interest in Marindi’s highly prospective Caranbirini Zinc Project, located in the world-class McArthur River zinc province in the Northern Territory. (refer Figure 1) JOGMEC will have an exclusive right to earn up to 70% in the project by sole funding $4 million of exploration in two stages over three years. In the initial two year earn-in period, JOGMEC can earn up to 51% by spending $2 million at Caranbirini. It can earn a further 19% interest by spending an additional $2 million in year three. Key terms of the agreement are detailed over the page.

 

Matsa Resources is pleased to advise that it has today settled the acquisition of the Red October Gold Mine and associated infrastructure with Saracen Mineral Holdings. On 26th September 2017 Matsa announced it had entered into an Asset Sale and Purchase Agreement with Saracen to acquire the Red October Gold Project for a combination of cash and shares to the deemed value of $2 million (MAT announcement to ASX 26th September 2017). The acquisition was subject to a number of conditions which have now been met and Matsa has issued 4,545,000 fully paid ordinary shares at a deemed price of $0.22 to Saracen as part consideration of the acquisition. A deferred and final consideration amount of $400,000 will be due and payable to Saracen on 25th June 2018.

 

Meteoric Resources, a Canadian focussed cobalt and Cu‐Ni‐PGE explorer announces it has entered into a conditional agreement to acquire 100% ownership of the Gillies Cobalt Project located in Ontario, Canada. The project consists of 11 contiguous claim blocks (Appendix B) within the prolific Cobalt Camp mining district. The consideration for the acquisition comprises:  An initial payment on completion of CAD$50,000 and CAD$50,000 in MEI Shares, calculated on the 10‐day VWAP of MEI’s Shares prior to completion and a 2% net smelter royalty;  Three additional payments, on the 1st, 2nd and 3rd anniversaries of completion, of CAD$30,000 and CAD$30,000 in MEI Shares, calculated on the 10‐day VWAP of MEI’s Shares prior to each anniversary (Milestone Payments); and  Introduction fees of CAD$5,000 and 1,000,000 MEI Shares.

 

Minbos Resources advises that it has entered into an option with Tana Minerals whereby Minbos can acquire 90% of the shares in MRE Mining (Mauritius). MRE’s sole asset is a wholly owned subsidiary in Madagascar which holds two exploration permits in central Madagascar covering 440 square kilometres. Under the agreement Minbos has the exclusive right to acquire 90% of the shares in MRE. Terms of the Exclusivity:  $10k consideration for exclusivity;  Minbos commits $250k to expenditure on drilling;  $25k to extend the exclusivity post the drilling until completion of the transaction. Upon satisfaction or waiver of the conditions, Minbos may elect to proceed with the acquisition of a 90% interest in MRE in consideration for:  250 million shares issued upon the renewal of the permits;  250 million shares issued on the delineation of a JORC resource containing a minimum of 200,000t of contained Total Rare Earth Oxides at a grade of not less than 3%, and  10% free carry to Definitive Feasibility Study at which point Tana must elect to contribute, dilute or sell its interest to Minbos at an agreed valuation.

 

MinRex Resources is pleased to announce that it has entered into a binding Heads of Agreement to acquire 100% of the issued capital of Clean Power Resources Pty Ltd. CPR is an explorer with three high-quality project areas in NSW and WA that are prospective for cobalt, scandium, copper and nickel. The key terms of the Proposed Transaction, which are complementary to MinRex’s existing projects, are detailed below in this announcement.

 

In consideration for the Proposed Transaction, MinRex will: a) pay a non-refundable deposit of $100,000 to CPR and issue 1,000,000 fully paid ordinary MinRex shares to the CPR shareholders immediately upon execution of the Heads of Agreement; b) reimburse CPR any tenement rental fees and any bonds paid by it or on its behalf; c) issue 29,000,000 fully paid ordinary MinRex shares together with one option to acquire a Share for every two Shares issued (exercisable at $0.15 and expiring 3 years from date of issue); and d) issue 13,350,000 Performance Shares that each convert into one Share on the achievement of a resource of a minimum of 1mt tonnes of Nickel grading of at least  9 0.5% or 1mt of Cobalt .05% or 1mt or Scandium grading greater than 20ppm (subject to ASX approval).

 

Myanmar Metals advises that together with its local partner, Win Myint Mo Industries Co., Ltd, it has secured EAP, a company with strong affiliations to one of Myanmar’s largest and most respected industrial companies, as a project-level investor in the development of the global tier-1 polymetallic Bawdwin Mine. In a transaction that substantially de-risks the future development and financing of Bawdwin, MYL is delighted to have agreed terms with East Asia Power (Mining) Company Limited (EAP), where EAP will effectively acquire a 24.5% share of the Bawdwin Concession and Mine in return for reimbursing costs MYL have incurred to date and sharing in the payment of the pending option fee that secures the tenure over Bawdwin.

 

Cazaly Resources is pleased to announce it has acquired an option to earn the rights to a 95% equity interest in the Kaoko Kobalt project which is primarily prospective for copper-cobalt mineralisation. The Project is located in northern Namibia, approximately 800km by road from the capital of Windhoek and approximately 750km from port of Walvis Bay (Figure 1). There is excellent infrastructure in the region with the Project being only ~50 km from the regional capital of Opuwo, with an airport, good bitumen roads and near to the 320 MW Ruacana hydroelectric power station. Transmission lines run through both the western and eastern parts of the Project. Therefore, in summary, should it complete the transaction, Cazaly will be required to; • issue 6 million CAZ shares and be obligated to, • Spend N$3 million (~A$270,000) by 18 November 2020 on the project, • Issue 10.5 million fully paid CAZ shares upon the delineation of a JORC compliant resource containing at least 10,000t of contained cobalt (or other metal equivalent), and • Pay A$1 million (or issuing fully paid CAZ shares to that amount) upon a formal Decision to Mine

 

RMG is pleased to advise that it has issued 73,750,000 ordinary fully paid shares to sophisticated and overseas investors at $0.016 per share. The placement will raise $1.18 million before expenses. The placement consists of 73,750,000 fully paid ordinary shares issued pursuant to ASX Listing Rule 7.1.

 

Rox Resources is pleased to announce that it has reached agreement with Thor Mining PLC to sell its Bonya tenement interests for a total of $550,000 to be received in Thor shares. The Bonya project is situated approximately 350km by road from Alice Springs in the Northern Territory (Figure 1). Rox, as operator of an earn-in and joint venture agreement with Arafura Resources, discovered copper through RC drilling at the Bonya Mine prospect.

 

Strandline Resources is pleased to announce that a number of its major shareholders, including three institutional investors and one Director, have elected to exercise options in the Company early. Tembo Capital, Westoria Resource Investments, Artemis Corporate and Non-executive Director Tom Eadie have all participated in the early exercise of the options, which were not due to expire until 30 June, 2018. As a result, Strandline has received funds for, and commitments to exercise, a significant number of its 12 cent options, worth $2.02 million.

 

Strike Energy is pleased to announce it has executed a definitive agreement with Warrego Energy Pty Ltd  to acquire a 50% interest and operatorship of Exploration Permit EP469 located in the highly prospective Perth Basin. Strike and Warrego will form a joint venture for the further exploration, appraisal and ultimate development of the permit. Strike has agreed the following key terms for its transaction with Warrego: 1. Acquisition – 50% of EP 469 and operatorship. 2. Joint Venture – Unincorporated joint venture formed on settlement of the acquisition and entry into a joint operating agreement. 3. Cash Consideration – Strike to pay Warrego cash consideration in the following tranches: • A$350,000 at settlement; and • A$250,000 prior to commencement of exploration operations by Strike on the Permit and not later than 1 January 2019.  4. Carry – Strike to sole fund 100% of the cost of drilling and completing one exploration well within the Permit and carrying out related G&G Studies and G&A costs, up to a maximum expenditure amount of A$11,000,000, within 24 months of commencement of the joint venture. 5. Conditions precedent – The transaction is subject to satisfactory completion of Strike’s legal due diligence investigations and regulatory approvals.

 

Tando Resources is pleased to announce that it has signed a binding Heads of Agreement to acquire 74% of the SPD Vanadium Project, a large, high grade vanadium deposit located in the established vanadium production hub of Gauteng, South Africa.  Tando will acquire 100% of the issued capital in Steelpoortvan Pty Ltd, which has a right to acquire 74% of Vanadium Resources, a South African domiciled company which owns 100% of the  SPD  Vanadium  Project.  The remaining  26%  of  VanRes  is  held  by  the  Steelpoort  Development Trust, in trust for the communities of Ga-Malekane  and Ga-Masha, and Broad Based  Black Economic Empowerment entities Obeec (Pty) Ltd and  the Math-pin Trust. The total consideration under the HoA is 35 million shares at a deemed price of 30c. These shares  are subject to shareholder approval and payable when the project reaches the following milestones:   At completion of due diligence  (45 days) = 12.5% (4,250,000 shares)     Delineation  of  a  Measured  Resource  of  at  least  75Mt  at  0.78%  V 2 O 5  in situ = 25%  (7,500,000 shares)   Completion of a Scoping Stud y= 12.5% (4,250,000 shares)   Completion of a Pre Feasibility  Study = 20% (8,000,000 shares)   Completion of a Feasibility Study = 30% (11,000,000 shares) In parallel with the transaction the Company proposes to raise  A$2 million at $0.40 per share  (“Placement”). The proceeds from the Placement will be used to fund due diligence and initial work at the SPD Vanadium Project which will encompass resource delineation drilling including infill and confirmatory drilling along with metallurgical test-work on drill core.   Xcel Capital Pty Ltd acted as Lead Manager to the Placement which is being completed at a 5.3% discount to the 5-day VWAP.

 

Trek Metals Limited (TKM or Trek) is pleased to confirm it has executed a share sale agreement to acquire 100% of the Kroussou Project from TKM's JV partner, Battery Minerals Limited, with completion anticipated in early April. TKM (or it’s nominee) will acquire 100% of the issued capital of BAT's Mauritian subsidiary, Select Exploration, which holds a 100% interest in the Kroussou Project (refer ASX Announcement 11 Jan 2018).  The initial consideration for the acquisition of the Kroussou Project is: o a cash payment of US$200,000 to BAT; and o the issue of US$200,000 of TKM shares based on a 5‐day VWAP prior to the date of issue and subject to a minimum floor price of $0.025 and one free attaching option (term of 3 years, $0.10 exercise price) for every two Consideration Shares issued.  The Consideration Shares will be subject to a 12‐month voluntary escrow period.  Upon Trek defining a JORC‐compliant Indicated Mineral Resource Estimate of more than 250,000 tonnes of combined Zn/Pb metal in relation to the Kroussou Project and subject to shareholder approval, Trek will issue BAT US$2,500,000 of TKM shares based on a 5‐day VWAP prior to the date of issue (subject to a minimum floor price of $0.025 per share) and one free attaching option (term of 3 years, exercise price of 150% of the 5‐day VWAP prior to the date of issue) for every two Deferred Consideration Shares issued.  Trek will grant BAT a 2.5% net smelter return royalty on gross sales revenue with Trek having an option to buy back 1% of the NSR Royalty for US$1,500,000.  An existing 0.75% net smelter return royalty payable in relation to the Kroussou Project to a third party which can be bought back for US$250,000, will be novated from BAT to Trek as part of the acquisition.

 

Vital Metals is pleased to announce it has successfully received commitments for a Two Tranche Placement to raise up to $3.8 million through the issue of 422.2 million fully paid ordinary shares  to sophisticated and institutional investors at an issue price of $0.009 per share.

 

 

White Cliff Minerals advises that that it has received valid applications for 333,033,037 ordinary shares to be issued at an issue price of $0.003 following the closure of the Company’s 1-for-6 renounceable rights issue. Further the Company has been advised by the rights issue underwriter, CPS Capital Group Pty Ltd, that it has received commitments from its clients to place all the shortfall shares, being 220,170,548 ordinary shares. The allocation of the shortfall shares is expected to occur at the same time as the rights issue acceptances are allocated in accordance with the rights issue timetable.

Innovative shareholder registry management company, Advanced Share Registry is pleased to announce it has signed a binding agreement with Private Company Platform Pty Ltd to acquire a 51% shareholding in PCP. Whilst the initial cash investment by ASW is of modest size, ASW will also fund PCP by way of loans and commit its staff resources and systems architecture to build a solid foundation for the PCP platform to attract companies.

 

 

ADX Energy is pleased to announce it has finalised the agreement announced on the 4th of December 2017 with Reabold Resources Plc to invest US$2 million in the recently incorporated Danube Petroleum which, following the recent completion of transfers, holds ADX’s 50% interest in the Parta exploration license and a 100% participating interest in the Parta Appraisal Program scheduled for late 2018.

 

 

Alderan Resources is pleased to announce it has significantly expanded its mineral rights in the Milford region close to its Frisco Project in Utah, USA by staking more than 719 new mineral claims and securing a State Mineral Lease. The Company has also signed an exclusivity agreement with Horn Silver Mines Inc over an additional 402 claims. Alderan has entered into a memorandum of understanding and exclusivity agreement with Horn Silver Mines Inc., in respect to 402 claims held by HSM in the Frisco region. Key terms of the MOU are: • Alderan to pay an amount of US$20,000 to have the exclusive right until 15 July 2018, or a later date as agreed in writing, to enter into a transaction with HSM on the Harrington and Northern Beaver Mountains clams; and • Alderan is to conduct an initial data and geological review of the Harrington and Northern Beaver Mountaints claims.

 

 

Aura Energy is pleased to advise that it has closed a private placement to sophisticated investors in Australia and the United Kingdom and raised A$3.7m before costs. The capital raising, more than twice over-subscribed, was led by Melbourne boutique, Peak Asset Management. at 1.9 Australian cents • 1 option for every 2 shares subscribed • Options are unlisted and exercisable at 3.3 cents, expiring September 2019 • 194,736,842 fully paid ordinary shares to be issued • 97,368,421 options granted over ordinary shares

 

 

Australis Oil & Gas is pleased to advise it has completed the placement of 115,280,000 new ordinary fully paid shares at A$0.34 raise A$39,195,200, before issue costs. The new shares were placed with institutional and sophisticated investors.

 

 

Boss Resources is pleased to announce the successful completion of a placement of approximately 200 million new ordinary shares to raise $8m at $0.04 per share. The New Shares will be issued pursuant to ASX Listing Rule 7.1.

 

 

Classic Minerals has raised $1 million through a share purchase plan at 0.4 cents a share.

 

 

Corizon is pleased to announce that it has entered into a binding Term Sheet for the acquisition of 100% of the issued capital in RWG Minerals Pty Ltd (ACN 601 019 112), held by GWR Group. A summary of the consideration for and conditions precedent to the Acquisition are set out later in this announcement. RWG has 100% interests in 4 granted exploration licences located in Western Australia as further described in the Schedule 1. Corizon has agreed to acquire and the Vendor has agreed to sell all of its rights and interests in all of its shares in the capital of RWG on the key terms and conditions set out in this announcement (Acquisition). Consideration (a) pay $50,000 in cash to the Vendor (or its nominee) (Deposit) to the account nominated in writing by the Vendor, otherwise by bank cheque payable to the Vendor (or its nominee), within 2 business days of the ASX giving written notice to the Purchaser that the ASX is satisfied that the cash payment is reimbursement of expenditure incurred in developing the Tenement as required by Chapter 10 of the ASX Listing Rules; and (b) issue that number of fully paid ordinary shares in the capital of the Purchaser (Purchaser Shares) equal to $200,000 based on a deemed issue price per Purchaser Share equal to the issue price of Purchaser Shares issued under the Capital Raising (defined below) (Consideration Shares), (together the Consideration).

 

 

Further to the announcement on 17 January 2018, Draig Resources is pleased to advise that it has completed the acquisition of the highly prospective and under explored Yandal South Gold Project. The Yandal South Gold Project (557km2) is located between Echo Resources Bronzewing Project and gold processing plant as well as Red 5’s Darlot Gold Project and gold processing plant and is only 40 kilometres to the east of Draig’s Bellevue Gold Project. The Company has paid $100,000 and issued 3,000,000 ordinary shares in accordance with the acquisition terms announced on 17 January 2018.

 

 

EganStreet Resources is pleased to announce that it has issued 48,092,762 shares raising $12,023,190 (before costs). The shares issued are connected to the exercise of EGAO options which expired on 13 March 2018. The listed Options were issued on a 3-for-2 basis as part of the Company’s $6 million Initial Public Offering in September 2016.

 

 

EVE Investments confirms it has today allotted 23,078,500 ordinary shares at 1.3 cents per share, raising $300,000, as partial allotment of the Shortfall Shares announced by the Company on 5 March 2018.

 

 

Force Commodities is pleased to confirm that the Joint Venture Agreement and associated documentation in respect to the Kanuka Lithium Production Project, located in in Tanganyika Province in the south east of the Democratic Republic of Congo (DRC), has been executed in line with the key terms previously advised.

 

 

Hexagon Resources is pleased to announce that it has signed a binding Heads of Agreement with Mineral Resources covering the development of Stage 1 of the McIntosh Graphite Project. Under the agreement, Hexagon and MinRes will establish an unincorporated joint venture, with Hexagon and MinRes respectively holding a 49% and 51% participating interest. Hexagon will transfer to MRL a 51% legal interest in the McIntosh Project assets including the tenements once MRL has expended $300,000 on the exploration or development of the McIntosh Project tenements.

 

 

Further to the announcement on 26 February 2018, Kalia is pleased to announce that it has entered into a formal share sale agreement with Global Resources Investment Trust PLC to consolidate the non- landowner interests in Exploration Licences 03 and 04, in the Tore  region in the north of Bougainville Island, Autonomous Region of Bougainville, Papua New Guinea. Exploration Licences 03 and 04 are currently held by Kalia Holdings Pty Ltd, the Company’s 72.29% owned subsidiary. The SSA is conditional upon Kalia obtaining all necessary shareholder and regulatory approvals which, once obtained, will see GRIT acquire up to 21.28% of the Company’s issued capital through the issue of 480,000,000 shares in consideration for the acquisition by the Company of its 27.71% interest in Kalia Holdings.

 

 

Marindi Metals, is pleased to announce it has entered into a landmark binding Memorandum of Agreement  with major Japanese resources group, Japan Oil, Gas and Metals National Corporation (JOGMEC) enabling it to earn-up to a 70% interest in Marindi’s highly prospective Caranbirini Zinc Project, located in the world-class McArthur River zinc province in the Northern Territory. (refer Figure 1) JOGMEC will have an exclusive right to earn up to 70% in the project by sole funding $4 million of exploration in two stages over three years. In the initial two year earn-in period, JOGMEC can earn up to 51% by spending $2 million at Caranbirini. It can earn a further 19% interest by spending an additional $2 million in year three. Key terms of the agreement are detailed over the page.

 

 

Matsa Resources is pleased to advise that it has today settled the acquisition of the Red October Gold Mine and associated infrastructure with Saracen Mineral Holdings. On 26th September 2017 Matsa announced it had entered into an Asset Sale and Purchase Agreement with Saracen to acquire the Red October Gold Project for a combination of cash and shares to the deemed value of $2 million (MAT announcement to ASX 26th September 2017). The acquisition was subject to a number of conditions which have now been met and Matsa has issued 4,545,000 fully paid ordinary shares at a deemed price of $0.22 to Saracen as part consideration of the acquisition. A deferred and final consideration amount of $400,000 will be due and payable to Saracen on 25th June 2018.

 

 

Meteoric Resources, a Canadian focussed cobalt and Cu‐Ni‐PGE explorer announces it has entered into a conditional agreement to acquire 100% ownership of the Gillies Cobalt Project located in Ontario, Canada. The project consists of 11 contiguous claim blocks (Appendix B) within the prolific Cobalt Camp mining district. The consideration for the acquisition comprises:  An initial payment on completion of CAD$50,000 and CAD$50,000 in MEI Shares, calculated on the 10‐day VWAP of MEI’s Shares prior to completion and a 2% net smelter royalty;  Three additional payments, on the 1st, 2nd and 3rd anniversaries of completion, of CAD$30,000 and CAD$30,000 in MEI Shares, calculated on the 10‐day VWAP of MEI’s Shares prior to each anniversary (Milestone Payments); and  Introduction fees of CAD$5,000 and 1,000,000 MEI Shares.

 

 

Minbos Resources advises that it has entered into an option with Tana Minerals whereby Minbos can acquire 90% of the shares in MRE Mining (Mauritius). MRE’s sole asset is a wholly owned subsidiary in Madagascar which holds two exploration permits in central Madagascar covering 440 square kilometres. Under the agreement Minbos has the exclusive right to acquire 90% of the shares in MRE. Terms of the Exclusivity:  $10k consideration for exclusivity;  Minbos commits $250k to expenditure on drilling;  $25k to extend the exclusivity post the drilling until completion of the transaction. Upon satisfaction or waiver of the conditions, Minbos may elect to proceed with the acquisition of a 90% interest in MRE in consideration for:  250 million shares issued upon the renewal of the permits;  250 million shares issued on the delineation of a JORC resource containing a minimum of 200,000t of contained Total Rare Earth Oxides at a grade of not less than 3%, and  10% free carry to Definitive Feasibility Study at which point Tana must elect to contribute, dilute or sell its interest to Minbos at an agreed valuation.

 

 

MinRex Resources is pleased to announce that it has entered into a binding Heads of Agreement to acquire 100% of the issued capital of Clean Power Resources Pty Ltd. CPR is an explorer with three high-quality project areas in NSW and WA that are prospective for cobalt, scandium, copper and nickel. The key terms of the Proposed Transaction, which are complementary to MinRex’s existing projects, are detailed below in this announcement.

 

 

In consideration for the Proposed Transaction, MinRex will: a) pay a non-refundable deposit of $100,000 to CPR and issue 1,000,000 fully paid ordinary MinRex shares to the CPR shareholders immediately upon execution of the Heads of Agreement; b) reimburse CPR any tenement rental fees and any bonds paid by it or on its behalf; c) issue 29,000,000 fully paid ordinary MinRex shares together with one option to acquire a Share for every two Shares issued (exercisable at $0.15 and expiring 3 years from date of issue); and d) issue 13,350,000 Performance Shares that each convert into one Share on the achievement of a resource of a minimum of 1mt tonnes of Nickel grading of at least  9 0.5% or 1mt of Cobalt .05% or 1mt or Scandium grading greater than 20ppm (subject to ASX approval).

 

 

Myanmar Metals advises that together with its local partner, Win Myint Mo Industries Co., Ltd, it has secured EAP, a company with strong affiliations to one of Myanmar’s largest and most respected industrial companies, as a project-level investor in the development of the global tier-1 polymetallic Bawdwin Mine. In a transaction that substantially de-risks the future development and financing of Bawdwin, MYL is delighted to have agreed terms with East Asia Power (Mining) Company Limited (EAP), where EAP will effectively acquire a 24.5% share of the Bawdwin Concession and Mine in return for reimbursing costs MYL have incurred to date and sharing in the payment of the pending option fee that secures the tenure over Bawdwin.

 

 

Cazaly Resources is pleased to announce it has acquired an option to earn the rights to a 95% equity interest in the Kaoko Kobalt project which is primarily prospective for copper-cobalt mineralisation. The Project is located in northern Namibia, approximately 800km by road from the capital of Windhoek and approximately 750km from port of Walvis Bay (Figure 1). There is excellent infrastructure in the region with the Project being only ~50 km from the regional capital of Opuwo, with an airport, good bitumen roads and near to the 320 MW Ruacana hydroelectric power station. Transmission lines run through both the western and eastern parts of the Project. Therefore, in summary, should it complete the transaction, Cazaly will be required to; • issue 6 million CAZ shares and be obligated to, • Spend N$3 million (~A$270,000) by 18 November 2020 on the project, • Issue 10.5 million fully paid CAZ shares upon the delineation of a JORC compliant resource containing at least 10,000t of contained cobalt (or other metal equivalent), and • Pay A$1 million (or issuing fully paid CAZ shares to that amount) upon a formal Decision to Mine

 

 

RMG is pleased to advise that it has issued 73,750,000 ordinary fully paid shares to sophisticated and overseas investors at $0.016 per share. The placement will raise $1.18 million before expenses. The placement consists of 73,750,000 fully paid ordinary shares issued pursuant to ASX Listing Rule 7.1.

 

 

Rox Resources is pleased to announce that it has reached agreement with Thor Mining PLC to sell its Bonya tenement interests for a total of $550,000 to be received in Thor shares. The Bonya project is situated approximately 350km by road from Alice Springs in the Northern Territory (Figure 1). Rox, as operator of an earn-in and joint venture agreement with Arafura Resources, discovered copper through RC drilling at the Bonya Mine prospect.

 

 

Strandline Resources is pleased to announce that a number of its major shareholders, including three institutional investors and one Director, have elected to exercise options in the Company early. Tembo Capital, Westoria Resource Investments, Artemis Corporate and Non-executive Director Tom Eadie have all participated in the early exercise of the options, which were not due to expire until 30 June, 2018. As a result, Strandline has received funds for, and commitments to exercise, a significant number of its 12 cent options, worth $2.02 million.

 

 

Strike Energy is pleased to announce it has executed a definitive agreement with Warrego Energy Pty Ltd  to acquire a 50% interest and operatorship of Exploration Permit EP469 located in the highly prospective Perth Basin. Strike and Warrego will form a joint venture for the further exploration, appraisal and ultimate development of the permit. Strike has agreed the following key terms for its transaction with Warrego: 1. Acquisition – 50% of EP 469 and operatorship. 2. Joint Venture – Unincorporated joint venture formed on settlement of the acquisition and entry into a joint operating agreement. 3. Cash Consideration – Strike to pay Warrego cash consideration in the following tranches: • A$350,000 at settlement; and • A$250,000 prior to commencement of exploration operations by Strike on the Permit and not later than 1 January 2019.  4. Carry – Strike to sole fund 100% of the cost of drilling and completing one exploration well within the Permit and carrying out related G&G Studies and G&A costs, up to a maximum expenditure amount of A$11,000,000, within 24 months of commencement of the joint venture. 5. Conditions precedent – The transaction is subject to satisfactory completion of Strike’s legal due diligence investigations and regulatory approvals.

 

 

Tando Resources is pleased to announce that it has signed a binding Heads of Agreement to acquire 74% of the SPD Vanadium Project, a large, high grade vanadium deposit located in the established vanadium production hub of Gauteng, South Africa.  Tando will acquire 100% of the issued capital in Steelpoortvan Pty Ltd, which has a right to acquire 74% of Vanadium Resources, a South African domiciled company which owns 100% of the  SPD  Vanadium  Project.  The remaining  26%  of  VanRes  is  held  by  the  Steelpoort  Development Trust, in trust for the communities of Ga-Malekane  and Ga-Masha, and Broad Based  Black Economic Empowerment entities Obeec (Pty) Ltd and  the Math-pin Trust. The total consideration under the HoA is 35 million shares at a deemed price of 30c. These shares  are subject to shareholder approval and payable when the project reaches the following milestones:   At completion of due diligence  (45 days) = 12.5% (4,250,000 shares)     Delineation  of  a  Measured  Resource  of  at  least  75Mt  at  0.78%  V 2 O 5  in situ = 25%  (7,500,000 shares)   Completion of a Scoping Stud y= 12.5% (4,250,000 shares)   Completion of a Pre Feasibility  Study = 20% (8,000,000 shares)   Completion of a Feasibility Study = 30% (11,000,000 shares) In parallel with the transaction the Company proposes to raise  A$2 million at $0.40 per share  (“Placement”). The proceeds from the Placement will be used to fund due diligence and initial work at the SPD Vanadium Project which will encompass resource delineation drilling including infill and confirmatory drilling along with metallurgical test-work on drill core.   Xcel Capital Pty Ltd acted as Lead Manager to the Placement which is being completed at a 5.3% discount to the 5-day VWAP.

 

 

Trek Metals Limited (TKM or Trek) is pleased to confirm it has executed a share sale agreement to acquire 100% of the Kroussou Project from TKM's JV partner, Battery Minerals Limited, with completion anticipated in early April. TKM (or it’s nominee) will acquire 100% of the issued capital of BAT's Mauritian subsidiary, Select Exploration, which holds a 100% interest in the Kroussou Project (refer ASX Announcement 11 Jan 2018).  The initial consideration for the acquisition of the Kroussou Project is: o a cash payment of US$200,000 to BAT; and o the issue of US$200,000 of TKM shares based on a 5‐day VWAP prior to the date of issue and subject to a minimum floor price of $0.025 and one free attaching option (term of 3 years, $0.10 exercise price) for every two Consideration Shares issued.  The Consideration Shares will be subject to a 12‐month voluntary escrow period.  Upon Trek defining a JORC‐compliant Indicated Mineral Resource Estimate of more than 250,000 tonnes of combined Zn/Pb metal in relation to the Kroussou Project and subject to shareholder approval, Trek will issue BAT US$2,500,000 of TKM shares based on a 5‐day VWAP prior to the date of issue (subject to a minimum floor price of $0.025 per share) and one free attaching option (term of 3 years, exercise price of 150% of the 5‐day VWAP prior to the date of issue) for every two Deferred Consideration Shares issued.  Trek will grant BAT a 2.5% net smelter return royalty on gross sales revenue with Trek having an option to buy back 1% of the NSR Royalty for US$1,500,000.  An existing 0.75% net smelter return royalty payable in relation to the Kroussou Project to a third party which can be bought back for US$250,000, will be novated from BAT to Trek as part of the acquisition.

 

 

Vital Metals is pleased to announce it has successfully received commitments for a Two Tranche Placement to raise up to $3.8 million through the issue of 422.2 million fully paid ordinary shares  to sophisticated and institutional investors at an issue price of $0.009 per share.

 

 

White Cliff Minerals advises that that it has received valid applications for 333,033,037 ordinary shares to be issued at an issue price of $0.003 following the closure of the Company’s 1-for-6 renounceable rights issue. Further the Company has been advised by the rights issue underwriter, CPS Capital Group Pty Ltd, that it has received commitments from its clients to place all the shortfall shares, being 220,170,548 ordinary shares. The allocation of the shortfall shares is expected to occur at the same time as the rights issue acceptances are allocated in accordance with the rights issue timetable.

 

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