- Bryah Resources (BYH) signs an option agreement with Mining Green Metals (MGM) to hand over a 51 per cent interest in the Lake Johnston lithium nickel project in Western Australia
- Bryah will retain a 49 per cent interest, but there is the potential for MGM to completely acquire the project through a second option agreement
- Mining Green Metals will have 12 months to exercise the option, with an option fee of $25,000 as well as payment of 5 million shares if it chooses to go through with the acquisition
- The acquisition is dependent on a number of factors including due diligence, the tenements being granted, and MGM completing an initial public offering (IPO) on the ASX
- Shares in Bryah Resources closed at 4.7 cents each on Wednesday, May 18
Bryah Resources (BYH) has signed an option agreement with Mining Green Metals (MGM) to hand over a 51 per cent interest in the Lake Johnston lithium nickel project in Western Australia.
The project consists of eight exploration licence applications covering an area of 690 square kilometres.
Bryah will retain a 49 per cent interest, but there is the potential for MGM to completely acquire the project through a second option period.
Mining Green Metals will have 12 months to exercise the initial option, with an option fee of $25,000 as well as payment of 5 million shares if it chooses to go through with the acquisition.
The acquisition is dependent on a number of factors including the completion due diligence, the tenements being granted, and MGM completing an initial public offering (IPO) on the ASX.
In order to acquire the remaining interest in the project, a second option period of 12 months will apply.
Shares in Bryah Resources closed at 4.7 cents each on Wednesday, May 18.