Star Minerals Limited (ASX: SMS)
Advised that conditions have been met for the sale of its West Bryah copper-gold project to Catalyst Metals Limited (ASX: CYL) for a consideration of $2.75M, comprising $1M cash and 230,536 CYL shares.
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Additionally, Catalyst will now take a $1M strategic placement in Star Minerals.
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| Catalyst Metals | ASX : CYL | |
| Stage | Exploration / development | |
| Metals | Copper / Gold | |
| Market cap | A$1.5 Billion @ A$5.74 | |
| Location | Murchison, Victoria, Australia | |
| Website | www.catalystmetals.com.au |
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STAR MINERALS COMPLETION OF AGREEMENT WITH CATALYST METALS
Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) advises that conditions have been met for the sale of its West Bryah copper-gold project to Catalyst Metals Limited (ASX: CYL or “Catalyst”) for a consideration of $2.75M, comprising $1M cash and 230,536 CYL shares.
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Additionally, Catalyst will now take a $1M strategic placement in Star Minerals.
Highlights
• Conditions satisfied for sale of West Bryah copper-gold project to Catalyst Metals (ASX: CYL)
for $1M cash and 230,536 CYL shares
• Catalyst Metals takes a $1M strategic placement in Star Minerals
Managing Director, Ashley Jones commented,
“The sale of the Company’s non-core West Bryah copper-gold project provides additional, non-dilutionary cash to enable us to progress the Tumblegum South Gold Project and develop new opportunities.
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“Star Minerals would like to welcome Catalyst to the share register as a major shareholder, with a 6.59% stake in the Company.
“We look forward to working with Catalyst to process material from the Tumblegum South project at the Plutonic Plant Gold Mill.”
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The placement of shares was completed at an issue price of $0.062 per share.
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Disclosure
At the time of writing the author holds shares in Catalyst Metals
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