Forrestania Resources (ASX:FRS) entered into a binding heads of agreement to acquire 100% of the fully paid ordinary shares of North Iron Cap, which holds the gold rights over tenement M77/544 and the North Ironcap deposit, an advanced open-pit gold project in Western Australia, according to a Thursday Australian bourse filing.
The company agreed to pay North Iron Cap shareholders 42.1 million fully-paid ordinary shares in Forrestania Resources at a deemed issue price of AU$0.11 per share, as well as AU$2.8 million in cash.
The completion of the transaction is conditional upon Forrestania conducting financial, legal, and technical due diligence on North Iron Cap, shareholder approval, and North Iron Cap providing Forrestania with a mineral resource estimate showing a total number of ounces which, when multiplied by AU$70, equals the cash consideration.
Forrestania expects the deal to be completed by Oct. 30.
Forrestania Resources' shares fell almost 3% in recent trading on Thursday.
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