Bindi Metals (ASX:BIM) has entered into a binding agreement with RedCreek to earn an 80% interest in the Ravni Gold Project in Serbia.
Ravni, comprising 30km2, is located in the western portion of Serbia within the Western Tethyan Magmatic Belt which hosts many large gold, copper, and other base metals deposits.
The company has the option to acquire an initial 20% interest for $200,000 in cash and shares. Upon completion, the company can earn the remaining 60% interest by completing agreed exploration expenditure on Ravni.
Bindi is also conducting a two-tranche placement to raise $2.5 million. Shares will be issued at $0.09 per share.
Following shares being issued under the placement, a non-renounceable entitlement offer will be conducted on the basis of one option for every two shares held. The options will be exercisable at $0.145 with a two year expiry date.
The funds will be used for funding exploration across Ravni, as well as the Lisa Project.
Bindi intends to conduct surface geochemistry sampling and induced polarisation geophysics at Ravni this quarter.
Bindi Metals is a diversified critical minerals explorer primarily focused on rare earths and niobium deposits at the Schryburt Lake Project.
Write to Aaliyah Rogan at Mining.com.au
Images: Bindi Metals
