The MoU stipulates the sale to be made for $15m and provides Infinity with a 60 days due diligence period.
In exchange, Infinity will immediately subscribe to 4,166,167 Apex shares along with a further 4,166,167 shares in 30 days totaling a subscription of $500,000.
Both the parties will enter into the Sale and Purchase Agreement for Youanmi project located in Murchison Region, Western Australia following the completion of the due diligence period.
The company is looking to fund the Wiluna project in Peru through the credit facilitated from the sale.
"While Apex believes strongly in the potential of the Youanmi Gold Project to be a near term producer it is currently focusing on returning Wiluna to profitability and the funds from this sale will help it achieve that aim," the company stated.
