Forrestania Resources (ASX:FRS) entered into a binding heads of agreement to acquire Aurumin Mt Palmer, Aurumin Johnson Range, and Aurumin Mt Dimer, wholly-owned units of Newcam Minerals, boosting Forrestania's ownership of the Mt Palmer project in Western Australia to 100%, according to a Monday Australian bourse filing.

The company will issue 37.9 million fully-paid ordinary shares at a deemed price of AU$0.475 apiece as payment for Aurumin Mt Palmer and nearly 13 million fully-paid ordinary shares at a deemed price of AU$0.475 each as payment for Aurumin Johnson Range and Aurumin Mt Dimer.

Aurumin Mt Palmer is the 20% owner of a mining lease and three exploration licenses in and around Forrestania's Southern Cross Hub, per the filing. Aurumin Johnson Range is the owner of one mining lease, four exploration license, and four miscellaneous licenses. Aurumin Mt Dimer is the owner of seven exploration licenses, two prospecting licenses, and two miscellaneous licenses. The two packages are in and around the Mt Dimmer Hub, also in Western Australia.

Forrestania had acquired a 80% stake in the project as part of its acquisition of Kula Gold.

Forrestania Resources' shares fell nearly 3% in recent trading on Monday.