Bryah Resources Limited has announced it has completed the acquisition of the historic Horseshoe South manganese mine in Western Australia.
Bryah Resources Limited (ASX:BYH) has announced it has completed the acquisition of the historic Horseshoe South manganese mine in Western Australia.
As quoted from the press release:
The company is pleased to advise that it has completed the purchase for a total consideration of AU$340,000, being a cash payment of AU$170,000 and the issue of ordinary shares to the value of AU$170,000. A total of 2,615,385 new shares have been issued to the vendor, Peak Hill manganese Pty Limited, at AU$0.065 per share as determined under the option agreements.
The historic Horseshoe South manganese mine and the manganese rights area are part of the broader Bryah Basin manganese project, and are subject to the recently announced AU$7.3 million agreement between Bryah and OM (Manganese) Limited, a wholly
owned subsidiary of ASX-listed OM Holdings Limited (ASX:OMH) (see ASX announcement dated 23 April 2019 “Manganese Farm-In and Joint Venture Agreement with OM Holdings Limited”).
The underlying tenements affected by the Manganese Rights are owned by Austsino Resources Group Limited (ASX:ANS).
Managing Director Neil Marston said: “Completing the purchase of the historic Horseshoe South mine provides Bryah with a granted mining lease in a very central location within our Bryah Basin Manganese Project area. With significant funding secured through our recently completed farm-in and JV agreement with OM Holdings Limited, we look forward to the start of drilling at Horseshoe South and other prospective exploration areas next month.”