Maverick Minerals Pty Ltd entered into a binding heads of agreement to acquire Lachlan Fold Belt Project from Latin Resources Limited for AUD 1.4 million.

Maverick Minerals Pty Ltd entered into a binding heads of agreement to acquire Lachlan Fold Belt Project from Latin Resources Limited (ASX:LRS) for AUD 1.4 million on October 13, 2023. Under the terms of agreement, Maverick will issue 6,000,000 fully paid ordinary shares at a deemed issue price of AUD 0.20 per share and 5,000,000 options to acquire Shares of Maverick exercisable at AUD 0.30 on or before the date which is 5 years from the date of issue of the Options. Maverick will issue a further 1,000,000 Shares to the Company at a deemed issue price of AUD 0.20 per Share to extinguish an inter-company loan payable by project to Latin.

The transaction is subject to completion of financial, legal and technical due diligence by Maverick and Maverick completing a capital raising of at least AUD 4,000,000 and receiving conditional approval for admission to the official list of the ASX.