(MENAFN- ProactiveInvestors)
() is exchanging its graphite tenements in Western Australia for a stake in a potential mine development at a neighbouring property.
Private Australian group Gold Terrace which holds the adjacent GAPL tenements hopes to within a year issue Regency with 3mln shares in the proposed listed vehicle after Regency surrenders its tenements.
If it fails to do so it will pay Regency A$200000 within 54 weeks of execution.
The agreement means the neighbouring Halberts property formerly a mine producing high quality graphite can go ahead said Regency.
Chairman Andrew Bell said: "The conclusion of the GAPL liquidation process allows us to exchange our interests in the area for an interest in a project whose management has a record of successfully bringing mines into production.
"This is an established quality deposit with a mining history and an existing mining license. There is a good chance that this will grow to be a valuable asset."
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.