Venus Metals Corporation Limited (ASX:VMC) has extended the option period granted to Ascan Capital Pty Ltd for acquisition of the Nardoo Hill mineral tenement E09/2156 in WA to January 31, 2020.
The company granted Ascan a 90-day option to purchase the non-core asset on October 9, 2019, for an option fee of $50,000.
If the option is exercised the purchase price will be:
- A$350,000, payable by the issue of fully paid ordinary shares in an ASX publicly listed company (acceptable to Venus in its discretion). This will be calculated based on the lower of the last price at which the listed company offered or agreed to issue shares, and the 5-day volume-weighted average price of that company’s shares; and
- A A$0.50 per tonne of ore mined royalty.
The option remains subject to any necessary Ministerial consent.
Venus Metals, which has a market cap of about $27.9 million, last traded at 18.5 cents.