Element 25 to Sell Holleton Project
Element 25 is an Australian manganese miner focused on the development of its wholly owned Butcherbird manganese project located in Western Australia.
Element 25 Limited (ASX:E25) reports it has reached agreement with RMS and EMO for the sale of exploration licences 77/2334, 77/2458 and exploration licence application 70/5033.
Element 25 is an Australian manganese miner focused on the development of its wholly owned Butcherbird manganese project located in Western Australia.
As quoted from the press release:
Pursuant to the sale agreement, EMO will acquire 100 percent of the Holleton Project and for AU$1 million. The consideration may be settled in cash, shares or a combination of cash and RMS shares at the election of EMO. Where EMO elects to issue shares in consideration for the acquisition, RMS agrees to issue those shares at the 30 day volume weighted average price prior to settlement. EMO will also grant E25 a 1 percent NSR on all future production from the Holleton project.
The transaction is binding, however it remains subject to the following conditions precedent:
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The buyer receiving the consent of the minister responsible for the administration of the Mining Act to the transfer of the tenements;
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the buyer receiving a satisfactory environmental consultant’s report indicating there will be noimpediment for the minister giving his approval to explore within reserve 19923;
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the seller obtaining the approval of the South West Aboriginal Land & Sea Council AboriginalCorporation for the assignment of the existing heritage agreement to EMO; and
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EMO, E25 and the local landholder with whom E25 has entered into an access agreement enteringinto a deed of assignment and assumption to assign that agreement to EMO
Click here to read the full press release
