Impact to divest majority of Commonwealth project
PERTH (miningweekly.com) – Junior Impact Minerals has agreed to divest a 75% interest in the Commonwealth gold/silver/base metals project, in New South Wales, to unlisted Burrendong Minerals.
Under the terms of the agreement, Impact would receive a non-refundable option fee of A$25 000 for an eight week exclusivity period in which to complete a share purchase agreement (SPA) and joint venture agreement.
On completion of the SPA, Impact would receive a further A$250 000 cash payment, and Burrendong would have nine months in which to complete a listing on the ASX.
Upon its listing, Impact would receive a further A$250 000 in cash and a 19.9% interest in the newly listed Burrendong, while also retaining a 25% interest in the Commonwealth project.
“The sale of a 75% interest in our long-held Commonwealth project in New South Wales is a very good outcome for the company and its shareholders. It allows us to continue our strategic change in focus to the large and prospective portfolio of battery and strategic metals projects in Western Australia which we have put together over the past 18 months and in addition also gives Impact considerable exposure to the upside potential of the Commonwealth project into which we have invested financial and considerable intellectual capital,” said Impact MD Dr Mike Jones.
“We continue to believe that the project has a great future and we look forward to working with Burrendong to move the project forward upon listing.”
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation