PERTH: Jadar Resources Limited has entered into a binding term sheet with Moreton Resources Limited and MRV Metals Pty Ltd for the purchase of MRV’s Southern Queensland Granite Belt tenement portfolio, including MRV’s Granite Belt Silvermining operations which is currently on care and maintenance.
Consideration is AU$ 500,000 cash, with non-refundable deposit of AU$ 120,000 payable within 3 business days of execution of the term sheet.
Following execution of the term sheet, Jadar is currently carrying out its due diligence which will be completed in the coming month and will announce further information with regard to the proposed acquisition in due course.
Completion of the transaction is subject to Jadar obtaining all required third party, regulatory, shareholder approvals, and meeting all ASX requirements to affect the transaction. Please refer to the later part of this announcement for the acquisition terms.
Luke Martino, the Chairman of Jadar Resources commented, “the acquisition of this portfolio is a major development for the company and fits strategically into the business model. Given the economic cycle and the demand for silver and other metals, these projects have the potential to deliver enormous value to the company as we apply our expertise and funding.”