Yari Minerals (ASX:YAR) agreed to acquire Resource Chain, the owner of the Rolleson South coal project in Queensland, according to a Wednesday Australian bourse filing.
Consideration for the acquisition consists of upfront and deferred consideration, including a total of 119,560,669 shares in Yari, representing a 19.9% stake, and an additional 86,045,322 performance rights conditional upon certain criteria, in proportion to the vendors' ownership in Resource Chain. Completion of the acquisition depends on due diligence.
The project has a confirmed 78.9 million tonnes of inferred resource. The firm's initial focus is to finalize key targets for an inaugural drilling campaign and produce a semi-soft metallurgical coal product.
Yari plans to hold a shareholders' meeting in late June to ratify the issue of the completion consideration shares and approve the issue of the deferred consideration shares and performance rights.
Its shares surged 60% on market close on Wednesday.
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