The sale of these projects is also subject to the satisfaction of conditions precedent that are customary for a transaction of this nature, including ministerial consent for the tenements
Avira Resources and its controlled entity1, has signed a Term Sheet with EMX Royalty Corp (TSX: EMX) (EMX, or the Purchaser) for the sale of 100% of its remaining Queensland exploration projects comprising two tenements; Yarrol (EPM 8402) and Mt Steadman (EPM12834. These projects are located approximately 120kms from Bundaberg in South Eastern Queensland.
Key terms of the sale included in the Term Sheet are as follows;
• An option fee of A$5,000 to secure a 60-day exclusivity period to conduct and complete due diligence activities in relation to the assets. The option fee is due and payable on signing of the Term Sheet.
• A$60,000 (including the Option fee paid) paid in cash on signing of the Sale and Purchase Agreement.
The sale of these projects is also subject to the satisfaction of conditions precedent that are customary for a transaction of this nature, including ministerial consent for the tenements.
Commenting on the announcement Avira’s Executive Director, David Deloub said;
“We are pleased to have entered into this agreement with EMX and of expressions of interest and look forward to working with EMX to complete the sale and purchase of the Yarrol and Mt Steadman projects. This now completes the divestment of the Company’s Queensland exploration assets and supports our intent to focus on our exploration projects located in the Paterson Range in Western Australia.”
Source: Company Press Release