- PepinNini Minerals (PNN) has successfully completed the acquisition of all the issued shares in Hillside Minerals
- The company first announced its intention to buy Hillside in December 2020 after the latter applied for a number of tenements in South Australia
- These tenements include two exploration licence applications that host kaolin clay
- The purchase will be completed in two phases with phase one completed today after 1.75 million shares were issued to Hillside vendors
- Stage two will consist of the issue of 4.5 million PepinNini shares and can only be completed once the tenements have been granted
- Once this is completed, a joint venture will be formed to explore the tenements
- PepinNini has ended the day a slight 1.56 per cent in the red with shares trading at 31.5 cents
PepinNini Minerals (PNN) has successfully completed the acquisition of all the issued shares in Hillside Minerals.
The company first announced its intention to buy Hillside in December 2020 after the latter applied for a number of tenements in South Australia.
These tenements include two exploration licence applications that cover 1129 square kilometres of the Eyre Peninsula.
Both have occurrences of kaolin clay and lie adjacent to Andromeda Metals’ (ADN) kaolin and halloysite projects.
Two months later PepinNini revealed it had entered an agreement for the purchase, which is to be completed in two stages.
Stage one, which was completed today, saw 1.75 million shares be issued to Hillside vendors, while stage two will see the issue of 4.5 million PepinNini shares upon the granting of the tenements.
Stage two also consists of the issue of 1.2 million unquoted options exercisable at 35 cents with expiry on December 31, 2023.
Once this is completed, a joint venture will be formed to explore the tenements.
The joint venture will be undertaking mapping, geophysics and drilling with results and findings to be announced when work wraps up.
PepinNini has ended the day a slight 1.56 per cent in the red with shares trading at 31.5 cents in a $13.31 million market cap.