Forrestania Resources Enters Sale Asset Swap Deal With Catalina Resources

MT Newswires Live

Jan 13

Forrestania Resources (ASX:FRS) entered into a binding sale asset swap agreement with Catalina Resources (ASX:CTN) to acquire the Laverton project in Western Australia, according to a Tuesday filing with the Australian bourse.

The company agreed to swap its Breakaway Dam license for Catalina Resources' Laverton project licenses and receive 13.8 million shares at AU$0.069 apiece, as well as options totaling 20.7 million, subject to shareholder approval, the filing said.

The agreement can be terminated if the conditions precedent are not met by May 5, according to the filing.

Catalina Resources shares rose 10% in midday trade on Tuesday.

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