Capricorn Metals (ASX:CMM) signed a binding agreement to acquire the Mummaloo project in Western Australia from Top Iron for roughly AU$3.5 million, according to a Friday filing with the Australian bourse.
The project covers 219 square kilometers of tenure located contiguous to the north of Capricorn's Mt Gibson gold project and is considered highly prospective for gold mineralization, per the filing.
Capricorn has paid an initial cash deposit of AU$100,000. The balance will be settled via the issue of Capricorn shares to Top Iron upon completion.
The acquisition is expected to close in February, the filing said.
Price (AUD): $7.70, Change: $+0.070, Percent Change: +0.92%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.