- Accelerate Resources (AX8) has completed the sale of the Tambellup kaolin project to Vytas Resources
- Accelerate sold the Tambellup Project by transferring 100 per cent of its shares in Halcyon Resources to Vytas
- Following completion of the transaction, Accelerate was issued 27.12 million shares, equal to a 33 per cent interest in Vytas, with Accelerate remaining entitled to participate in any equity raising or issue of shares carried out
- Accelerate transferred $250,000 to Vytas to progress its work at the project
- Accelerate Resources has ended the trading steady at 3.6 cents
Accelerate Resources (AX8) has completed the sale of the Tambellup kaolin project to Vytas Resources.
Accelerate sold the Tambellup project by transferring 100 per cent of the shares of Halcyon Resources to Vytas.
Previous test work at the Tambellup project confirmed it produced high-quality kaolin, with the kaolin yield range falling between 42.9 and 73.1 per cent and the kaolin and amorphous content above 85 per cent.
Following completion of the transaction, Accelerate was issued 27.12 million shares, equal to a 33 per cent interest in Vytas.
As part of the arrangement, Accelerate remains entitled to participate in any equity raising or issue of shares carried out by Vytas.
Accelerate transferred $250,000 to Vytas to progress its work at the project. This includes defining a JORC Resource at Tambellup and preparing for Vytas’ initial public offering, along with general working capital.
However, if Vytas does not list on the ASX by December 31 2022, Accelerate has the right to buy back 100 per cent of the Halcyon Shares for nominal consideration.
Accelerate Resources ended the day trading steady at 3.6 cents.