Classic takes full ownership of Forrestania tenements
PERTH (mininwgeekly.com) – Junior Classic Minerals has struck a deal with fellow-listed Hannans’ subsidiary, Reed Exploration, to take full ownership of the tenements making up the Forrestania gold project, in Western Australia.
Classic in 2017 acquired an 80% interest in the gold rights on the tenements, with Reed Exploration retaining its 20% interest in the gold rights.
Under the terms of the new agreement, Classic will pay A$50 000 as a non-refundable deposit, and will pay a further A$200 000 cash consideration and issue 500-million fully paid ordinary shares before the end of November this year.
Classic will also reimburse A$106 196 to Reed for amounts paid to maintain the tenements in good standing.
The transaction will give Classic rights to explore for gold and all other minerals on the Forrestania tenements, including lithium and nickel.
“This indeed is an exciting opportunity for our company. We now can proceed to exploit the gold resource on this tenement 100% instead of having only 80% of the gold rights. Dean Goodwin will also be able to explore for other minerals for the company’s benefit. Congratulations to the entire management team,” said Classic chairperson John Lester.
Hannans nonexecutive chairperson Jonathan Murray told shareholders that the disposal of the legacy Forrestania interests marked the final step in the company’s transition from a mineral explorer to a European lithium-ion battery recycling business.
“We have access to leading technology and significant tailwinds in the regulatory and funding environments in the European/UK markets and jurisdictions we have under licence.
“With Brett Salt starting in his role as our Australia-based CEO in the coming weeks, Hannans is now 100% focussed on executing our strategy to become a meaningful player in the battery materials value chain.”
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