SYDNEY, AUSTRALIA: Minbos Resources Limited (ASX: MNB) has entered proper into a binding Agreement with ALS (Hong Kong) Limited to divest its curiosity in its Madagascar Rare Earths Project.
Minbos holds an curiosity within the Madagascar Rare Earths Project through an Option Agreement with Tana Minerals Pty Ltd.
Under the agreement, Minbos has the unique proper to purchase 90% of the shares in Tana’s subsidiary, MRE Mining (Mauritius) Limited, which included commitments for exploration expenditure.
The firm has signed an Exclusivity Option for a interval of 9 months from the Commencement Date (being seventh March 2022) through which ALS can full due diligence on MRE Mining (Mauritius) Limited, the project tenements and different related enterprise and operational information.
At any time throughout the choice period, ALS can train its choice to purchase all of the issued share capital in MRE Mining (Mauritius) Limited, which will set off a payment to Minbos.
In addition, previous to train of the choice and so as to maintain exclusivity, ALS is required to pay a month-to-month unique dealing fee.
The Board of Minbos has formally approved divestment of the Madagascar Rare Earths Project.
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