Forrestania Resources to Acquire 100% of Issued Capital of Sipa Exploration for AU$250,000; Shares Down 4%
MT Newswires Live
Sep 21
Forrestania Resources (ASX:FRS) agreed with Auravelle Metals (ASX:AUV) to acquire 100% of the issued capital of Sipa Exploration for AU$250,000, according to a Monday filing with the Australian bourse.
The acquisition provides the company with ownership of a package of granted exploration licenses in Western Australia, including E77/2783, E77/2918, E77/2706 and E77/2708, namely the Skeleton Rocks area of interest, the filing said.
The acquisition is subject to completion of financial, legal and technical due diligence by the company within 21 days of execution of the agreement, per the filing.
Forrestania Resources shares fell past 4% in morning trade Monday, while Auravelle Metals shares rose 14%.
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