Trek Metals Signs Option, Acquisition Deal with Advanced Energy Fuels for Western Australia Project
Trek Metals (ASX:TKM) entered into an option and acquisition agreement with US-based Advanced Energy Fuels to explore and develop the mining firm's Hendeka manganese project in Western Australia, according to a Tuesday filing with the Australian Securities Exchange.
Under the agreement, Advanced Energy Fuels will pay Trek Metals AU$50,000 for an exclusive option to acquire the project, the filing said.
It may then exercise the option to acquire Hendeka by paying AU$450,000 as part of a proposed US listing. As part of the deal, it will also issue Trek Metals 8 million shares or no less than 20% of Advanced Energy Fuels' total shares at the time of listing, the filing added.
Advanced Energy Fuels will spend an additional AU$2 million to advance the project as part of the option and may elect to exercise the option by Sept. 30, 2027, according to the filing.
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