Ram Resources has struck an agreement with Regency Mines Australasia to acquire the company’s remaining interest in the Fraser Range project.
Once the transaction is completed, Ram will hold 100% ownership of the project.
“Under the terms of the agreement, Ram has agreed to pay Regency total consideration of A$100,000 and 16,666,666 options to acquire unissued fully paid ordinary shares in RMR (Options) with an exercise price of A$0.006 per Option and expiring on the 4th anniversary of their issue. The Options will be issued under the Company’s existing placement capacity under Listing Rule 7.1,” Ram said in a statement.
“Regency’s pre-existing performance shares and royalty rights in relation to the project will remain in place following completion of the agreement (with the royalty right to extend to include the additional interest in the project to be acquired by Ram under this agreement).”
The Fraser Range project consists of 3 granted exploration licenses (EL28/2209, EL28/2210 and EL63/1528) with a combined area of 271km2 in the Fraser Range of Western Australia, about 220km south east of Kalgoorlie.