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Hexagon Resources settles sale of non-core assets for extra cash

Hexagon Resources (ASX:HXG) has settled the sale of its subsidiary company, Opirus Minerals Pty Ltd, which holds its South Korean assets to Battery Material Resources Limited.
Hexagon Resources settles sale of non-core assets for extra cash
Hexagon has received A$1 million in cash and 2 million shares

Both parties have agreed to a variation to the previous terms with Hexagon now receiving a larger upfront cash component as partial consideration for the sale.

Under the revised terms, Hexagon has received A$1 million in cash and 2 million shares in Battery Material Resources in full settlement of all shares and loans owned by Hexagon in Opirus.

The funds received will support the Hexagon’s ability to accelerate the development of its focus flake graphite project at McIntosh while preserving value for shareholders.

McIntosh has a JORC resource estimate of 17.2 million tonnes at 4.63% total graphitic carbon for 797,200 tonnes of contained graphite.

This is one of the largest JORC compliant flake graphite resources in Australia with less than 15% of the strike length at McIntosh drilled to date.

Laboratory work has found that a >99% carbon concentrate can be produced from the bulk McIntosh samples through a simple grind and float process.

Hexagon shares are trading up 70% over the past six months, currently trading at $0.26.

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