CuFe (ASX:CUF) entered into a binding terms sheet for the sale of its non-core tenement package in the Nullagine region of Western Australia to Helix Resources (ASX: HLX), according to a Tuesday Australian bourse filing.

The consideration comprises AU$50,000 in cash and AU$200,000 in Helix shares at an issue price of AU$0.035 per share. Settlement, expected by no later than Nov. 30, is conditional upon Helix obtaining shareholder approval for the issue of the consideration shares.

Helix said it would acquire 100% interest in 30 tenements, according to a separate filing.

CuFe will also be entitled to a 1% net smelter royalty on all minerals extracted from the tenements.