The two properties total 95,000 hectares located about 200km from the port of Walvis Bay and the infrastructure is close to road, rail, electricity and water sources.
Under the first agreement, Argosy will pay A$10,000 ($10,352) in cash and issue 400,000 shares to the vendor following the completion of due-diligence program.
The company will issue additional 400,000 shares if it decides to complete a bankable feasibility study, completion of which Argosy close the transaction with a final payment of A$100,000 ($103,524) and issuing 2.5 million of its shares.
Meanwhile, for the second mining license, the company will pay initial A$12,500 ($12,940) in cash and issue 625,000 shares, upon completion of due diligence program.
Further, 625,000 shares of the company will be issued after company opts to complete the bankable feasibility process. The deal will be closed following the completion of the process with Argosy paying remaining A$125,000 ($129,405) besides issuing 3.75 million shares in the capital of Argosy.
Out of the first ten years of production Argosy will pay up to A$400,000 ($414,096) and A$625,000 ($647,025) to the vendors every year out of profit pertaining to their respective projects.
