Dart Mining (ASX:DTM) has entered into option agreements for Infinity Lithium Corporation (ASX:INF) to acquire two tenement packages.
The two companies have entered into option agreements for the divestment and earn-out joint venture over the Mitta-Mitta and Corryong gold-coppersilver-molybdenum exploration projects in the Lachlan Fold Belt, Victoria.
The transaction allows for a 60-day exclusivity period. An option fee of $25,001 will be paid to Dart immediately with a total upfront consideration of $475,000 in cash and shares due for exercise of both option agreements.
Dart Mining will receive a cash payment of $175,000 in order for Infinity to acquire 100% interest and 10 million consideration shares. Infinity will acquire up to 80% interest in the Corryong Project for a $100,000 cash payment.
Provided all milestones are achieved, the total potential consideration is $3.4 million in cash and shares.
The company says the terms of the arrangement will allow Dart to progress other projects in Queensland and Victoria, while allowing Infinity to expand its footprint in Victoria.
Write to Maddison Elliott at Mining.com.au
Images: Dart Mining
