Forrestania Resources Enters Binding Heads of Agreement With Beacon Minerals Unit; Shares Down 5%
MT Newswires Live
Feb 16
Forrestania Resources (ASX:FRS) entered into a binding heads of agreement with Beacon Minerals' (ASX:BCN) Beacon Mining subsidiary to acquire MacPhersons Reward, which holds granted gold mining tenure in Western Australia, according to a Monday filing with the Australian bourse.
The consideration involves a total cash sum of AU$5 million and 36 million Forrestania shares at AU$0.38 apiece, the filing said.
Completion of the agreement is conditional on receiving shareholder, regulatory, and third-party approvals, per the filing.
Forrestania Resources' shares fell past 5% in morning trade Monday, while Beacon Minerals' shares rose nearly 1%.
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