LONDON, UK: VVV Resources Limited (AQSE: VVV) has signed a conditional Share Purchase Agreement with CASS FZE, and Stella Investments Limited to acquire 100% of the entire issued share capital of Anthony Vartkes Resources Limited (AVRL), a BVI-registered company.
On completion of the Share Purchase Agreement, VVV Resources, will hold a 100% interest in the Mitterberg Copper Project in Austria and a further 49% interest in the Shangri La polymetallic project in Western Australia. On completion of the Share Purchase Agreement, the Company will own 100% Shangri La polymetallic project.
The Share Purchase Agreement is subject to various conditions precedent being met by the vendors for completion.
The consideration payable will be Euro 200,000 in cash and Euro 805,000 in new VVV ordinary shares (at the placing price, to be confirmed, in a fundraise to be completed). The acquisition is subject to VVV completing a fundraise with net proceeds to the Company of not less than £1,000,000. VVV will also discharge certain liabilities on behalf of AVRL in the sum of AUD 25,000, subject to completing the Share Purchase Agreement, and Euro 20,000 which will be advanced to AVRL by VVV prior to completion of the Share Purchase Agreement by way of a loan which will be refundable if the acquisition of AVRL does not complete.
Commenting on the conditional Share Purchase Agreement, Mahesh Pulandaran, Executive Director of VVV Resources Limited, “the acquisition of AVRL takes our ownership in Shangri La polymetallic project to 100% and expands our portfolio with a large and exciting historic copper project in Europe to explore”.