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Print[Ferro-Alloys.com] Aurum Mining PLC Tuesday said that Plymouth Minerals Limited has exercised its option to acquire a majority stake in the company's Morille Tungsten Project.
The AIM-listed gold and other minerals exploration company said on October 7 that it entered a letter of intent for Plymouth Minerals Limited to buy 80% the project in north-western Spain.
As part of the deal, Australia's Plymouth will pay EUR300,000 in cash and shares for the 80% stake with a non-refundable EUR25,000 paid for the thirty-day exclusivity period it started October 7 and a further EUR225,000 cash payable now that Plymouth has opted to go ahead with the acquisition.
Aurum also will receive EUR50,000 in new shares of Sydney-listed Plymouth after 12 months.
Plymouth aurwill retain the right to buy the remaining 20% in the project from Aurum at a price of GBP2.5 million.
The company said legal documentation to support the transaction is now being prepared and completion and settlement are expected to take place in early November 2013.
Aurum Mining shares were up 8.2% to 2.30 pence Tuesday.
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