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- Shree Minerals (SHH) executes a sale and purchase agreement (SPA) with MetalsGrove Mining for the Arunta Joint Venture with Territory Lithium
- Under the agreement, Shree will divest its rights, title and interest in the joint venture which hosts the Box Hole, Edwards Creek and Bruce Gold project in the NT
- In consideration for Shree’s holding, MetalsGrove will make a cash payment of $50,000 to Shree and issue 4.75 million shares at an issue price of 20 cents
- This sale allows Shree to shift its focus to its existing high-priority exploration projects in New South Wales and Western Australia
- Shares in Shree are steady on the market and are trading at 0.9 cents
Shree Minerals (SHH) has executed a sale and purchase agreement (SPA) with MetalsGrove Mining for the Arunta Joint Venture with Territory Lithium.
Under the agreement, Shree will divest its rights, title and interest in the joint venture which hosts the Box Hole, Edwards Creek and Bruce Gold project in the Northern Territory.
In consideration for Shree’s holding, MetalsGrove will make a cash payment of $50,000 to Shree and issue 4.75 million shares at an issue price of 20 cents.
The agreement is subject to conditions including MetalsGrove being satisfied with due diligence investigations and conditional approval from the ASX.
This sale allows Shree to shift its focus to its existing high-priority exploration projects in New South Wales and Western Australia.
It will also allow the company to restart the production and shipping of iron ore from its Nelson Bay River Iron Ore Project in Tasmania.
Shares in Shree were steady on the market and were trading at 0.9 cents at 3:32 pm AEDT.
