logo-loader
viewFe Limited

Fe Limited negotiates shares valued in excess of $400,000 for sale of stake in two Bryah Basin tenements

The company is selling its 20% interest in the Peak Hill Joint Venture to Westgold Resources subsidiary Aragon Resources Pty Ltd.

Fe Limited - Fe Limited negotiates shares valued in excess of $400,000 for sale of stake in two Bryah Basin tenements
FEL will receive 200,000 fully paid ordinary shares in Westgold Resources

Fe Limited (ASX:FEL) is selling its 20% interest in the Peak Hill Joint Venture Project in WA’s Bryah Basin for total consideration of approximately $400,000.

The company has entered into a sale and purchase agreement with Westgold Resources Ltd (ASX:WGX) subsidiary Aragon Resources Pty Ltd to sell the 20% interest in the two JV tenements.

This interest is held by FEL’s wholly-owned subsidiary Jackson Minerals Pty Ltd.

“Pleased to crystallise value”

FEL chairman Tony Sage said, “We are pleased to crystalise value for these tenements via the receipt of Westgold shares.

“This transaction gives us the option to continue to participate in the projects indirectly via our shareholding or we can monetise it to assist us in funding the ongoing exploration activities at our prospective Pilbara tenement package.”

FEL will receive 200,000 fully paid ordinary shares in Westgold Resources upon completion of the transaction.

These shares have a value based on today’s trading price of approximately $401,000.

FEL anticipates a further cash injection of $645,000 from the Deception Hill Royalty that is due in approximately two weeks.

Quick facts: Fe Limited

Price: 0.014 AUD

ASX:FEL
Market: ASX
Market Cap: $6.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Fe Limited named herein, including the promotion by the Company of Fe Limited in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Fe Limited undertakes capital raising to fund rapid exploration of new...

Fe Limited (ASX:FEL) chairman Tony Sage updates Proactive Investors on the company's recent lithium acquisitions in Western Australia, potentially giving FEL the biggest landholding of lithium tenements in the country.    Sage says an extensive mapping program focusing on...

on 28/5/19

2 min read