Olympio Metals (ASX:OLY) subsidiary Rocktivity Gold signed an option agreement with private entity Clutch Group for the sale of the remaining three Halls Creek tenements in Western Australia, according to a Friday filing with the Australian bourse.
Clutch Group is required to meet minimum expenditure commitments totaling AU$80,000 on each tenement during due diligence until June 30 and has paid the company an upfront exclusivity fee of AU$25,000, the filing said.
Clutch will pay the company an option fee of AU$100,000 for E80/5034, AU$30,000 for E80/5154, and AU$20,000 for E80/5220, which will be reduced by the surrender or expiry of any tenements during due diligence.
After payment and execution of transaction documents, the company's remaining interest in the tenements will be performance payments, per the filing.
Olympio Metals shares rose 3% in midday trade Friday.
Price (AUD): $0.04, Change: $+0.0010, Percent Change: +2.56%
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