LONDON, UK: VVV Resources Limited (AQSE: VVV) has signed a conditional Share Purchase Agreement with CASS FZE, and Stella Investments Limited to acquire 100% of the entire issued share capital of Anthony Vartkes Resources Limited (AVRL), a BVI-registered company.
On completion of the Share Purchase Agreement, VVV Resources, will maintain a 100% curiosity within the Mitterberg Copper Project in Austria and a additional 49% curiosity within the Shangri La polymetallic project in Western Australia. On completion of the Share Purchase Agreement, the Company will personal 100% Shangri La polymetallic project.
The Share Purchase Agreement is topic to various conditions precedent being met by the distributors for completion.
The consideration payable will be Euro 200,000 in money and Euro 805,000 in new VVV ordinary shares (at the placing price, to be confirmed, in a fundraise to be completed). The acquisition is topic to VVV finishing a fundraise with net proceeds to the Company of not lower than £1,000,000. VVV will additionally discharge sure liabilities on behalf of AVRL within the sum of AUD 25,000, topic to finishing the Share Purchase Agreement, and Euro 20,000 which will be superior to AVRL by VVV previous to completion of the Share Purchase Agreement by way of a mortgage which will be refundable if the acquisition of AVRL doesn’t complete.
Commenting on the conditional Share Purchase Agreement, Mahesh Pulandaran, Executive Director of VVV Resources Limited, “the acquisition of AVRL takes our possession in Shangri La polymetallic project to 100% and expands our portfolio with a big and thrilling historic copper project in Europe to explore”.
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