Mitre Mining Corporation Limited entered into agreement to acquire Equus Resources Pty Ltd from Equus Mining Limited for AUD 1.45 million.

Mitre Mining Corporation Limited (ASX:MMC) entered into agreement to acquire Equus Resources Pty Ltd from Equus Mining Limited (ASX:EQE) for AUD 1.45 million on November 30, 2023. The consideration comprises of AUD 0.45 million upfront cash and AUD 1 million of cash which might be converted to deferred consideration shares comprising of fully paid ordinary shares in the capital of Mitre subject to Mitre shareholder approval. Mitre will raise AUD 8.3 million to fund the acquisition.

Damien Koerber will join the Company from Equus as COO and Exploration Manager Americas. The transaction is conditional on Equus regulatory and shareholder approval, Mitre receiving firm commitments for capital raising, Mitre shareholder approval for the issue of the creditor consideration shares and capital raising shares, release of all debts associated with the Cerro Bayo Group, the forgiveness of all Australian debts and the capitalisation of all Chilean debts and the parties obtaining all necessary third party consents, authorizations and approvals. Completion of the transaction is expected to occur January 2024.

Shareholders of Mitre and Equus approved the deal on January 29, 2024 and January 30, 2024 respectively. Bertrand-Galindo Barrueto Barroilhet & Cía Abogados and Hamilton Locke Pty Ltd acted as the legal advisors to Mitre Mining.