The value of the transaction is 500 million shares at a deemed value of A$15m ($15.4m), with an 15% ongoing interest for the vendors till the conclusion of any bankable feasibility study on each of the three projects.
Coziron must satisfy all the conditions or waived within 165 days and must raise $10m and obtains shareholder and regulatory approvals, under the terms of the agreement.
As part of the first agreement, Coziron will acquire 100% of Zanthus, which owns seven contiguous granted exploration tenements and two granted prospecting licenses in the Pilbara’s iron producing Hamersley Basin.
The company has entered into an agreement to acquire 100% of Buddadoo which owns Exploration licence E59/1350 containing Vanadium mineralization.
KingX holds 12 contiguous pending tenements in the southern Earaheedy Basin, the ground totals 965 blocks prospective for sedimentary manganese and iron ore deposits.
The company holds four granted tenements and eight applications.
