The companies have waived the requirement for Magmatic to spend a minimum of $500,000 on exploration in consideration for the issue of 2 million unlisted options.
These options are exercisable at 3 cents on or before five years from the issue date.
Magmatic has confirmed that it has met the following monetary terms of the binding agreement:
- Payment of $250,000 in cash to Element; and
- Issue of $425,000 in ordinary fully paid Magmatic shares.
Magmatic has also been granted new tenement licence E38/3351, adding to its Laverton/Yamarna regional project portfolio. which includes:
- Yamarna Gold Project – 20 kilometres from the 6 million ounce Gruyere mine, which is under construction: 1 granted tenement and 2 exploration tenements under application; and
- Mt Venn Copper-Nickel-Cobalt Project: 2 granted tenements (1 newly granted).