- Mithril Resources (MTH) has updated the market on its purchase of Sun Minerals
- Last November, Mithril announced it would earn up to 100 per cent interest in private exploration company Sun Minerals
- Sun holds an exclusive option to earn up to 100 per cent interest in the high-grade Copalquin Gold-Silver Project
- The company will hold a shareholder approval meeting mid next month for the purchase
- On market close, Mithril remains unchanged and trading at 1¢ per share.
Mithril Resources (MTH) has updated the market on its purchase of Sun Minerals.
Last November, Mithril said it was going to earn up to a 100 per cent interest in private exploration company Sun Minerals.
Sun holds an exclusive option to earn up to 100 per cent interest in the high-grade Copalquin Gold-Silver Project, located in the Sierra Madre Trend, Western Mexico.
The proposed acquistion is subject to a number of conditions, which include the due diligence, completion of formal documentation, shareholder approvals and the completion of a capital raise.
Mithril said the required due diligence was completed on December 20 and it has agreed to continue with the progress of the formal documentation.
The company will hold a shareholder meeting to approve the purchase at the Nexia Australia in Melbourne on February 12.
Mithril also proposes to conduct a capital raise to raise up to $4.9 million.
Funds from this raise will be used to complete drill programs at Copalquin and on the company’s other existing projects.
On market close, Mithril’s shares remains unchanged and trading at 1¢ per share.