Manhattan (ASX:MHC) signed a farm-in deal with Novo Resources (ASX:NVO) subsidiary Beatons Creek Gold for six exploration licenses comprising the northern tenements of the Tibooburra gold project in New South Wales, according to a Monday filing with the Australian bourse.
As part of the deal, Beatons is expected to spend AU$1.5 million in exploration expenditures and issue 1.5 million Novo shares in two years to potentially acquire 70% of the tenements via an unincorporated joint venture, the filing said.
Manhattan's shares climbed 2,300% in recent Monday trade, while Novo Resources shares fell past 6%.
Price (AUD): $0.02, Change: $+0.02, Percent Change: +2,300%
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