Viridis Mining and Minerals Limited entered into a binding agreement to acquire 100% stake in Colossus Project from Varginha Mineração Ltda, Fertimax Fertilizantes Orgânicos Ltda, Mineração Santa Carolina Ltda, Reynaldo Guazzelli Filho and Alumina Minérios Em Geral Ltda and Minas Rio Mineradora Ltda for for $2.8 million.

Viridis Mining and Minerals Limited (ASX:VMM) entered into a binding agreement to acquire 100% stake in Colossus Project from Varginha Mineração Ltda, Fertimax Fertilizantes Orgânicos Ltda, Mineração Santa Carolina Ltda, Reynaldo Guazzelli Filho and Alumina Minérios Em Geral Ltda and Minas Rio Mineradora Ltda for $2.8 million on August 1, 2023. Based on the terms and conditions Viridis will pay a non-refundable cash payment of $1 million upon settlement of the acquisition, cash payment of $1 million within 5 business days of the six month anniversary of the settlement date payment and Viridis has agreed, subject to shareholder approval, to issue up to 5,000,000 performance rights upon settlement of the acquisition. This transaction is subject to approval of all necessary regulatory, shareholder and third-party approvals.

As of Septmber 12, 2023, Viridis Mining and Minerals Limited shareholders approved the transaction.