Stellar To Move To 100% Ownership Of Heemskirk Tin Gippsland To Take Shares In Stellar And Royalty

Gippsland Ltd. (ASX:GIP,FWB:GIX) and Stellar Resources Limited (“Stellar”) announced that they have signed a sale and purchase agreement.

As quoted in the press release:

Subject to Stellar and Gippsland shareholder approval, Stellar will acquire the 40% interest held in the Heemskirk Tin Project by Gippsland in return for 43.5 million Stellar shares and a royalty.

Gippsland Ltd. Chairman Ian Gandel, said:

“The Heemskirk Tin Project has been disadvantaged for too long by the joint venture agreement signed in 1972. By committing to this deal, the parties will ensure that the project is given the best possible chance of becoming a mine and this can only benefit shareholders of both companies. Gippsland shareholders will benefit not only from their continued exposure to the Heemskirk asset and a royalty from that project, but also from exposure to Stellar’s other exploration projects.”

Click here to read the Gippsland Ltd. (ASX:GIP,FWB:GIX,) press release