Beacon Minerals (ASX:BCN) announces that Beacon Mining, its wholly owned subsidiary, has entered a binding tenement sale agreement with Forrestania Resources (ASX:FRS) for the sale of the Mt Dimer tenement in Western Australia.
Beacon is selling the Mt Dimer tenements as part of its portfolio strategy to monetise its non-core assets as well as to reduce ongoing holding and compliance costs.
Under the terms of the transaction, 100% of legal and beneficial interest of the mining and exploration tenements will be sold to Forrestania with a purchase consideration of $50,000 payable at completion and an exclusivity consideration of $150,000 payable at completion, in consideration for the grant of a pre-emptive right for the purchaser to acquire the tenements if Beacon proposes to sell or receives a bona fide offer for the tenements.
The completion of the sale is subject to all parties receiving the regulatory approvals, the parties receiving all required third party approvals, and if required under any third party agreements, entry into deeds of assignment.
Beacon and Forrestania have agreed on an end date three months after the date of the tenement sale agreement for all conditions to be met. Completion of the agreement will occur five business days after the satisfaction or waiver of all conditions precedent.
Beacon Minerals is a gold producer operating in the Eastern Goldfields of Western Australia.
Write to Amy Rotman at Mining.com.au
Images: Beacon Minerals
