PERTH (miningweekly.com) – Junior Minotaur Exploration on Tuesday announced that it had inked a binding term sheet with privately held Larvotto Resources, to divest of its Highlands copper-gold tenements, in Queensland.
Minotaur told shareholders that Larvotto intended to include the Highlands tenements in its initial public offer (IPO) on the ASX in early 2021.
Larvotto has been granted exclusivity on the assets through to the end of June next year for a non-refundable payment of A$25 000.
Subject to the IPO by proceeding, Larvatto will pay Minotaur an additional A$100 000 in cash and new IPO shares valued at A$500 000 for the Highlands assets, with the shares remaining in escrow as the ASX requires.
A 1% net smelter royalty would also be attached to the tenements, Minotaur told shareholders.
The Highlands tenements span 667 km2 and is locate 50 km east of Mt Isa.