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Cassini Resources exercises Yarawindah Brook option in Western Australia

Mining News - Published on Mon, 15 Apr 2019

Image Source: 121 Group
Cassini Resources Limited announced that it has exercised its option to acquire 80% of the Yarawindah Brook Ni-Cu-Co-PGE Project in Western Australia by acquiring 80% of the issued capital of Souwest Metals Pty Ltd, a private company associated with Kalgoorlie prospector Mr Scott Wilson.

Mr Richard Bevan MD of Cassini said that “The Yarawindah Brook Project offers Cassini a well-priced entry into an exciting, early-stage exploration project that allows us to leverage our expertise in Ni-Cu sulphide systems, and provides Cassini with further exposure to the evolving battery metals thematic. Cassini’s technical team have generated a number of priority targets that we look forward to drilling as soon as the access agreements have been finalised."

Consideration for the acquisition (as per ASX announcement 18 January 2018), is the payment of AUD 300,000, plus the grant of 6,072,302 options, each with a 3 year expiry date and exercisable at $0.1235, being 125% of the Company’s 20 day volume weighted average price (VWAP).

Settlement of the acquisition is subject to the execution of an incorporated joint venture agreement within 45 days from exercise of the option. The Company does not intend to seek shareholder approval for the issue of the options at settlement as it has existing Listing Rule 7.1 placement capacity.

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Posted By : Rabi Wangkhem on Mon, 15 Apr 2019
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