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Mining Weekly reported that Lemur Resources Ltd. (ASX:LMR) has signed a binding term sheet with Sable Metals and Minerals Ltd. (JSE:SMM) in order to acquire stakes in three South Africa-based vanadium projects.
Mining Weekly reported that Lemur Resources Ltd. (ASX:LMR) has signed a binding term sheet with Sable Metals and Minerals Ltd. (JSE:SMM) in order to acquire stakes in three South Africa-based vanadium projects.
As quoted in the market news:
Sable holds a 65%, 74% and 51% respective interest in three greenfield vanadium properties in South Africa’s North West province, in close proximity to the Vametco operations owned by the Evraz group.
Lemur would acquire Sable’s interests in the three tenements for $600 000, as well as a 1.75% royalty on the gross sales of product yielded from the combined project area, payable quarterly in arrears, and subject to a certain minimum and maximum per tonne of product sold.
Lemur previously entered into a loan agreement with Sable, under which it provided A$213 000 for immediate working capital. Pursuant to an addendum, a further A$164 000 was paid to Sable this month.
The loan would be offset against the purchase price and the balance of the purchase price would be paid in three tranches.