Venus Metals Corporation

Acquisition Of NSR Royalty Youanmi Gold Project

Venus Metals Corporation Limited (“Venus” or the “Company”) is pleased to announce the agreement to acquire a 0.3% net smelter royalty (“NSR Royalty”) in relation to the Youanmi Gold Mining Leases from St Clair Resources Pty Ltd by Venus’ wholly owned subsidiary, Redscope Enterprises Pty Ltd (“Redscope”). Redscope Enterprises Pty Ltd currently holds a 0.7% NSR Royalty at Youanmi and once the acquisition completes, Redscope’s royalty holding will increase to a 1% NSR Royalty.


The key terms of the acquisition are as follows:

  • Venus has paid a $50,000 deposit upon execution of the agreement;
  • at completion, Venus to pay an additional $450,000 in cash and issue 3 million fully paid ordinary Venus shares at a deemed issue price of $0.18 per Venus share; and
  • completion of the acquisition to occur within 30 days of execution of the agreement.

The Venus shares being issued will rank equally with the existing fully paid ordinary Venus shares then on issue, but will be subject to a three month voluntary escrow from completion. The Venus shares will be issued utilising the Company’s existing Listing Rule 7.1 capacity.

The Company considers that the acquisition of the additional NSR Royalty, increasing Redscope’s aggregate NSR Royalty over the Youanmi Gold Mining Leases to 1%, could provide significant value to the Company if the Youanmi Gold Project goes into production.

This ASX announcement is authorised for release by the Board of Venus Metals Corporation Limited.


Click here for the full ASX Release

This article includes content from Venus Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

VMC:AU
The Conversation (0)
Cleantech Lithium

Inaugurates DLE Pilot Plant in Chile

CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company, advancing sustainable lithium projects in Chile for the clean energy transition, inaugurated its Direct Lithium Extraction (DLE) pilot plant in the city of Copiapó, Atacama Region, on Thursday 23rd May 2024. The ceremony was attended by authorities, business representatives, community members, and academics.

Attendees at the ceremony included the Presidential Delegate of the Atacama Region, Luis Pino, Regional Councillor Javier Castillo; CORFO Director Rosa Román; CORPROA President Andrés Rubilar; miners' union president Joel Carrizo; indigenous community representatives Christián Milla and Ercilia Araya, who also spoke at the ceremony highlighting the Company's plan to collaborate with local communities to develop sustainable lithium production in Chile.

Keep reading...Show less
Critical Resources Limited

Major New LCT Pegmatite System Discovered at Mavis Lake East

Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to advise that it has discovered multiple additional spodumene-bearing pegmatites at the Company’s 100%-owned Mavis Lake Lithium Project (“the Project”) in Ontario, Canada.

Keep reading...Show less
Pursuit Minerals

Significant High-Grade Lithium Achieved at Drill Hole 1 at Rio Grande Sur

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the first results and assay samples from drill hole 1 (“DDH- 1”) on the Maria Magdelena tenement.

Keep reading...Show less
Metals Australia

Metals Australia


Keep reading...Show less
Portofino Executes Agreement to Option Its Gold Creek Property

Portofino Executes Agreement to Option Its Gold Creek Property

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has entered into a Mineral Claims Option Agreement with Delta Resources limited ("Delta") whereby Portofino has granted Delta the exclusive right to acquire a 100% interest in its Gold Creek property (The "Property"). The Property covers approximately 4,324 hectares and is situated just to the west of Delta's project area located near Thunder Bay, Ontario.

The terms of the agreement include $300,000 paid in cash and 2,000,001 shares of Delta, paid as follows:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
White Cliff Minerals

Nunavut Cu-Au-Ag Project Primed for Imminent Field Activities to Commence with Top Targets Identified

White Cliff Minerals Limited (“the Company”) (ASX: WCN) is pleased to provide an update on its activities as it prepares for its upcoming maiden field campaign at its Nunavut Copper-Gold-Silver Project in Northern Canada.

Keep reading...Show less

Latest Press Releases

Related News

×