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Australian firm Chalice Mining has acquired common shares in the capital and purchase warrants of Australian-focused metals exploration and development company Currie Rose Resources.

Under the deal, Chalice acquired 12.5 million common shares in the capital and four million common share purchase warrants of Currie Rose Resources.

This resulted in Chalice purchasing the Flinders River vanadium project in Central North Queensland, Australia, from Currie Rose’s subsidiary CGM Lithium.

CGM Lithium, however, retains a 2% net gross revenue royalty, which is payable on minerals extracted from the property.

Chalice said in a statement: “The common share purchase warrants expire 24 months from the issue date, each of which is exercisable prior to the expiry date to subscribe for one common share in the capital of the Company for a subscription price of C$0.10.”

Immediately upon deal closing, Chalice owns 13.1% of the total issued and outstanding shares in Currie Rose, as well as four million common share purchase warrants of the Canada-based company.

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Upon exercising all of the warrants, Chalice would own around 16.6% and 13.4% in Currie Rose on a non-diluted and on a fully-diluted basis, respectively.

In a statement, Chalice said: “Chalice acquired the securities for investment purposes and may, depending on the market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the company.”

Chalice is engaged in exploring and developing greenfield platinum group element (PGE), copper, nickel, cobalt and gold discovery at its Julimar Project in Western Australia.