Caprice Resources (ASX: CRS)

Announced it has executed a binding Heads of Agreement with Corella Resources Limited (ASX: CR9) for the sale of a 75% interest in its West Arunta (Chobe) Project in Western Australia fpr a consideration of A$2.89 million.

 

 

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	Caprice Resources	ASX: CRS
	Stage	Exploration
	Metals	Gold
	Market cap	A$37 million  @A$0.045 c
	Location	Western Australia
	Website	www.capriceresources.com

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CAPRICE DIVESTS WEST ARUNTA ASSETS FOR $2.89M RETAINING FREE-CARRIED EXPOSURE

 

 

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Caprice Resources Limited (ASX: CRS) (Caprice or the Company) is pleased to announce it has executed a binding Heads of Agreement (HOA) with Corella Resources Limited (ASX: CR9) (Corella or Purchaser) for the sale of a 75% interest in its West Arunta (Chobe) Project in Western Australia.

The transaction delivers immediate cash, ongoing exposure to any future West Arunta discovery success, and a free carried pathway to development, positioning Caprice to unlock value from the rapidly emerging West Arunta Province (Figure 1) without ongoing expenditure burden.

Disciplined divestment aligns with Caprices’ core focus of rapidly advancing its exciting Island Gold Project to a maiden Mineral Resource Estimate (MRE) and expediting exploration drilling at the Comet and Cuddingwarra Projects in the Murchison Goldfields with Caprice to emerge with $16.5m cash post transaction completion.

HIGHLIGHTS

• Up to $2.89 million total consideration
• $2.70 million cash at completion (inclusive of $50,000 non-refundable deposit)
• $190,000 via the issue of deferred equity in Corella
• 15-25% retained interest in key tenure or conversion to 1.5% NSR
• Free carried through to Decision to Mine
• Corella to sole fund exploration and development
• Continued (free carried) exposure to one of Australia’s most active frontier exploration regions

 

 

Caprice MD, Luke Cox, commented,

“This is a highly compelling transaction that crystallises immediate value for Caprice shareholders while retaining strong exposure to exploration success in one of Australia’s most exciting frontier regions.

 

“Importantly, Caprice maintains a free-carried position through to decision to mine, meaning we benefit from any discovery or resource growth without contributing further capital.

 

“With Corella expected to aggressively advance exploration, this transaction provides a clear pathway to unlock the full potential of the West Arunta Project while allowing Caprice to focus on its core Murchison gold strategy.”

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To read the full news release please click HERE

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Disclosure

At the time of writing the author holds shares in Caprice Resources

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