Monument Mining to Acquire Phosphate Australia’s Tuckanarra Project

Monument Mining Ltd. (TSXV:MMY) announced that it has entered into a tenement purchase agreement that will see it acquire Phosphate Australia Ltd.’s (ASX:POZ) Tuckanarra gold project in Western Australia.

As quoted in the press release:

The consideration for acquiring the Tuckanarra Gold Project is comprised of A$2,000,000 in cash and the issue of 10,000,000 Monument common shares at a deemed issue price of C$0.25 per share. The acquisition is subject to satisfactory completion by the Company of due diligence in respect of the Tuckanarra Gold Project and receipt of TSX Venture Exchange acceptance in the case of the Company.

A non-refundable deposit of A$50,000 was paid to secure an exclusivity period for the Company to conduct due diligence, which will be applied against the cash portion of the purchase price upon closing. The parties have agreed to complete the acquisition five business days after completion of due diligence by the Company and receipt of required approvals of regulatory authorities or such other date as agreed. The acquisition is expected to be completed by October 24, 2014.

Click here to read the full Monument Mining Ltd. (TSXV:MMY) press release.