Richfield takes $10m stake in Victory West

Sydney-based computer parts importer Richfield Group Ltd has agreed to purchase 75 per cent of the total issued capital in Victory West Pty Ltd for a total consideration of about $10 million.

Subiaco-based Victory West, together with its wholly owned subsidiaries, have five exploration mining leases in Indonesia and rights to exploration of Molybdenum amongst other metals.

The purchase price to be paid by Richfiled Group Ltd will be payable by the issue and allotment of 500,000,000 shares in Richfield Group Ltd and 500,000,000 options exercisable at 1 cent.

The transaction is subject to a range of conditions including Richfield shareholder approval and the execution of a final share sale agreement, satisfactory completion of due dilligence, and all necessary regulatory approvals.