SYDNEY, AUSTRALIA: Ballymore Resources Limited will move to 100% ownership of the Ravenswood Project following the acquisition of the remaining 49% interest in the project.
Ballymore Resources has executed a binding Termination and Asset Sale Agreement – Ravenswood Project to acquire the remaining 49% interest in the Ravenswood Project in consideration for issuing 2.0 million ordinary shares in Ballymore to ActivEX Limited (“ActivEX”, ASX:AIV)).
Ballymore Chairman, Nick Jorss commented: “We are pleased to have agreed an arrangement with ActivEX to accelerate
Ballymore’s path to full ownership of the Ravenswood Project as we kick off our first drilling campaign at Seventy Mile Mount and Matthews Pinnacle. We thank ActivEX for being a great partner to date and look forward to driving this exciting project forward from here with ActivEX as a supportive shareholder of Ballymore.“
Ballymore and ActivEX are parties to the Farm-in and Option Agreement for the Ravenswood Project that includes tenements EPM 18424, EPM 18426, EPM 18637, EPM 25466 and EPM 25467.
To date Ballymore has earned and acquired a 51% interest in the Ravenswood Project pursuant to the Farm-in and Option Agreement and has elected to continue sole funding under the Farm-in and Option Agreement to earn up to 80% interest by spending a further $1.5 million on the Tenements.
ActivEX is currently perfecting the transfer of the 51% interest in the Tenements to Ballymore pursuant to the terms of the Farm-In and Option Agreement. Under the Farm-in and Option Agreement Ballymore has the option to acquire all of ActivEX’s interest (at the time the call option is exercised) of the Ravenswood Project for $5.0 million.
Pursuant to the Termination and Asset Sale Agreement – Ravenswood Project, the parties have agreed:
· to terminate the Farm-in and Option Agreement;
· to release each other from their respective obligations and liabilities under the Farm-in and Option Agreement, except for the obligation of ActivEX to perfect the transfer of the 51% interest in the Tenements to Ballymore pursuant to the terms of the Farm-In and Option Agreement;
· for ActivEX to sell to Ballymore their remaining 49% interest in the Tenements; and
· for Ballymore to issue 2.0 million fully paid ordinary shares to ActivEX in full and final consideration, such shares to be subject to six months voluntary escrow from the date of issue.
Ballymore Resources Limited is a minerals exploration company committed to the acquisition, identification, and delineation of new resource projects through active exploration.
The Ballymore portfolio is focussed on copper and gold projects, with substantial tenement packages in north Queensland. Ballymore has three project areas at Dittmer, Ruddygore and Ravenswood.
These consist of two granted Mining Leases (MLs), eleven granted Exploration Permits for Minerals (EPMs) and an EPM
application covering an area of 1,355 km2.
Leave a Reply