Manhattan Corporation Limited (ASX:MHC) announces that it has entered into an agreement with Strategic Minerals Corporation NL (ASX:SMC) subsidiary Signature Resources Pty Ltd for Signature to acquire the 90% interest in Manhattan's Siccus Uranium project in South Australia ("Agreement").
Strategic's corporate group company, Signature, has entered into an agreement with Manhattan whereby Signature will acquire Manhattan's 90% legal and beneficial interest in EL 4527 (South Australia) (Signature is the holder of the other 10%) known as the Siccus project. Subject to approval of the South Australian Minister for Primary Resources and Industry (Minister), Manhattan has agreed to transfer its interest in the tenement in consideration of Signature agreeing to satisfy the outstanding tenement obligations of Manhattan over the tenement. Signature has satisfied the outstanding tenement obligations of Manhattan over the tenement and the parties are now awaiting approval of the Minister. Upon completion of the transaction, Signature will become the legal and beneficial holder of a 100% interest in EL 4527.