Scorpion Minerals Limited (ASX:SCN) entered into a binding Heads of Agreement to acquire Tenements E 20/896, E 20/963, E 20/964 and 90% interest in E 20/885 from eMetals Limited (ASX:EMT) for AUD 0.4 million on December 6, 2021. As per the transaction, Scorpion Minerals Limited will pay AUD 12,500 in cash, 4 million ordinary shares and the two performance payments of AUD 0.05 million each conditional upon achievement of performance milestones. The transaction is subject to successful completion of due diligence, the parties obtaining all necessary regulatory and shareholder approvals and the Parties obtaining all other necessary third party consents and approvals. AS of February 7, 2022, Scorpion has completed all due diligence to acquire transaction. The transaction is expected to complete within 60 days. As of February 14, 2022, SCN issued 4,000,000 fully paid ordinary shares to EMT to complete the acquisition of a 100% interest in the Poona Project.

Scorpion Minerals Limited (ASX:SCN) completed the acquisition of Tenements EL20/885, EL20/896, EL20/963 and EL20/964 of eMetals Limited from eMetals Limited (ASX:EMT) on February 14, 2022.