Forrestania Resources to Issue AU$2.5 Million in Shares to Acquire Western Australia Tenements, Shares Reach 14-Year Peak

MT Newswires Live

Jan 16

Forrestania Resources (ASX:FRS) entered into a binding heads of agreement to acquire the respective rights, title, and interest in Western Australia tenements from Christopher Alan De Courcy Ryder and Lloyd George Holdings in exchange for AU$2.5 million worth of Forrestania shares, according to a Friday Australian bourse filing.

The new tenements, consisting of mining lease M15/60 and M15/193 and prospecting lease P15/6203, are located to the south of the firm's existing tenure.

After the firm declares 15,000 ounces of gold, using a cut-off grade of 0.5 grams per tonne from the tenements, it must pay AU$40,000 for each additional 1,000 ounces, up to a total of 150,000 ounces.

The agreement is conditional upon the completion of due diligence, among other conditions precedent.

Forrestania's shares jumped over 4% in recent trading on Friday to reach a 14-year peak.

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