Australian firm Battery Minerals has signed a binding agreement to acquire the remaining 33% of Gippsland Prospecting, which has sole right to apply for a highly-prospective exploration licence adjacent to Stavely Minerals’ copper-gold project in Victoria.
Earlier this month, Battery Minerals signed a binding agreement to purchase a 67% stake in Gippsland Prospecting.
The company will acquire 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 copper-gold project.
The total consideration payable by Battery Minerals under the sale agreement is a cash payment of A$165,000 ($102,013) and the issue of 144,990,070 shares.
Under the terms of the binding agreement, Gippsland Prospecting directors and exploration geologists Kent Balas and Darryl Clark will become Battery Minerals directors.
Finalisation of the acquisition is, however, dependent on Battery Minerals shareholders’ approval.
The sale completion is also conditional upon the receipt of written confirmation from the Victorian state government that the tenement has been granted.
Battery Minerals chairman David Flanagan said: “Battery Minerals shareholders will have increased exposure to what is a highly prospective project with outstanding geological merit while the simplified ownership structure will assist with implementing an aggressive and flexible exploration program.”
In November 2017, Battery Minerals signed a memorandum of understanding with Chinese firm Qingdao Guangxing Electronic Materials to execute offtake agreements and develop an international product marketing strategy.