Krucible Metals Limited (ASX: KRB) – $0.071
15 Apr 2015
Krucible Metals Limited (ASX: KRB) has entered into a binding agreement with Resolve Geo Pty Ltd (Vendor) to acquire two advanced Exploration Licences together with a significant database of mining and exploration information comprising the Torrington Tungsten Project located in northern New South Wales (Figure 1).
Figure 1. Location of Torrington Tungsten Project
Key points from the binding agreement include:
- The company will issue to the Vendor 12,000,000 fully paid ordinary shares;
- $135,000 being agreed reimbursement to the Vendor for past exploration expenditure payable within five days of execution of the Agreement;
- Subject to shareholder approval, the company will issue a further 6,000,000 fully paid ordinary shares to the Vendor within 20 business days of the company preparing a preliminary feasibility study or on the 30 January 2016;
- Subject to shareholder approval, the company will issue a further 6,000,000 fully paid ordinary shares to the Vendor 20 business days after either obtaining Board approval for a final decision to mine or applying for one or more mineral leases over the area of mineralisation.
The Torrington Tungsten Project is located approximately 35km south of the Queensland border in New South Wales. The Project encompasses numerous old shallow tungsten mines and contains a JORC 2012 tungsten resource totalling 1.8Mt at 0.5% WO3.
For further information, visit www.kruciblemetals.com.au
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