AuKing Mining

Completion of Myoff Creek Acquisition

AuKing Mining Limited (ASX: AKN) is pleased to advise that it has completed the purchase of the Myoff Creek niobium/REE project in British Columbia, Canada. Project work at Myoff Creek is intended to commence immediately.


AuKing’s Managing Director, Mr Paul Williams, said now the acquisition has been completed the Company would take an aggressive approach to exploration at its new Myoff Creek niobium/REE project.

“We are continuing to see strong interest from investors with companies seeking to develop critical minerals projects, especially niobium and rare earths. The Myoff Creek project presents AuKing with an excellent opportunity to attract some of that investor attention. While we aim to continue with exploration activities at our other projects, including the Mkuju uranium project in Tanzania, the immediate focus of our exploration team will be to generate results from Myoff Creek over the coming weeks,” said Mr Williams.

Myoff Creek Acquisition Terms

AuKing has now completed the acquisition of all the shares in Australian-registered company North American Exploration Pty Ltd (NAE). NAE owns 100% of eight (8) contiguous claims that comprise the Myoff Creek Project. A summary of the acquisition terms is as follows:

  • A non-refundable fee of A$50k was paid AKN after signing the agreement (on 22 July 2024);
  • In consideration for the acquisition of all the shares in NAE, AKN is obliged to issue 57M new AKN shares at an issue price of 1.5c per share and 28.5M free-attaching options exercisable at 3c on or before 30 April 2027 to the existing NAE shareholders and their nominees; and
  • A total of 40M new AKN shares have been issued to the NAE vendors, with the balance 17M shares and 28.5M options to be issued after shareholder approval is obtained at an extraordinary general meeting of AuKing shareholders to be convened as soon as possible (EGM).

Empire Capital Partners Pty Ltd will be paid an introduction fee comprising 10M options exercisable at 3c on or before 30 April 2027 as a result of the NAE option agreement being entered into. The issue of these options is also subject to approval being obtained at the EGM.


Click here for the full ASX Release

This article includes content from AuKing Mining, 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.

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