Battery Minerals has agreed to acquire the remaining 33 per cent of a prospective copper-gold project adjacent to the high-grade Stavely Minerals site in Victoria.
The company will acquire the project via Gippsland Prospecting, as it purchases the remaining stake from shareholder Aleksandra Bukacheva.
With this acquisition, Battery Minerals will have sole right to apply for an exploration licence for the copper-gold project next to Stavely’s Thursday’s Gossan project.
Under the binding agreement terms, Gippsland Prospecting directors and exploration geologists Kent Balas and Darryl Clark will become Battery Minerals directors.
The finalisation of the acquisition is still subject to Battery Minerals shareholder approval.
Battery Minerals chairman David Flanagan said the agreement would increase the company’s exposure to the highly promising project and simplify its ownership structure.
“This makes great sense for all parties,” Flanagan said.
“Battery Minerals shareholders will have increased exposure to what is a highly prospective project with outstanding geological merit.
“The simplified ownership structure will assist with implementing an aggressive and flexible exploration program.”
The total consideration payable by Battery Minerals under the sale agreement is a cash payment of $165,000 and the issue of 144,990,070 shares.
The sale completion is conditional upon the satisfaction of the Battery Minerals shareholders and the company obtaining all shareholder and regulatory approvals and Gippsland Prospecting receiving written approval from the Victorian state government that the tenement has been granted.