Critical minerals, News, Rare earths, Takeover bids

Norwest snaps up West Arunta ground

rare earth, resources

Norwest Minerals has entered into a binding agreement to acquire four West Arunta tenements that are prospective for niobium and rare earth elements.

The tenements make up 360km² and are located adjacent to tenements held by WA1 Resources and Encounter Resources.

The 360km² will add to the company’s 1560km² of ground it holds as part of its wholly owned West Arunta project, which it’s been exploring since 2019. The project is located in Western Australia, 600km west of Alice Springs.

The agreement with vendors Amery Holdings and 12-Mile Well shareholders comprises an initial share issue of 1 million shares either on or before February 15 and for $250,000 to be paid by February 29.

To fund the acquisition, Norwest has accepted firm commitments to raise $1.076 million for the issue of 53.8 million new fully paid ordinary shares at an offer price of $0.02 per new share.

As part of the agreement, 17 million shares will be issued within two days of the capital raising’s completion.

Nine million listed options will also be issued within two days of shareholder approval. However, Norwest is under no obligation to issue the options if shareholder approval is not given.

“This exciting acquisition includes ground adjacent to WA1’s Luni niobium discovery; being just south of their project border,” Norwest Minerals chief executive officer Charles Schaus said.

“Our status as an established West Arunta explorer holding a 1560km² ground position allows us to expedite the start of exploration activities across the newly acquired tenements.

“In the meantime, Norwest is developing a number of carbonatite and other critical mineral targets from its significant geochemical database and recent geophysical analysis.”

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