Norfolk Metals Limited signs exclusivity agreement to acquire Las Alteras uranium project in Chubut, Argentina from Green Shift Commodities Ltd. for CAD 1.3 Million.
Norfolk Metals Limited (ASX:NFL) signs exclusivity agreement to acquire Las Alteras uranium project in Chubut, Argentina from Green Shift Commodities Ltd. (TSXV:GCOM) for CAD 1.3 Million on April 14, 2024. Norfolk Metals Limited pay a one-time cash payment of CAD 0.3 Million to GCOM issue to GCOM. 6,000,000 fully paid ordinary shares in the capital of Norfolk.grant in favor of GCOM a 1% net smelter royalty over all minerals extracted from the Las Alteras Project. GCOM agrees that the Consideration Shares will be subject to voluntary escrow restrictions for a period to be mutually agreed between Norfolk and GCOM, which as at the date of this announcement is proposed to be between 12 to 24 months. It is proposed that completion under the Formal Agreement will be conditional on the satisfaction of the following non-exhaustive list of conditions. Norfolk notifying GCOM in writing on or before a date to be mutually agreed between the Parties .due diligence review of BMSA and the Las Alteras Project is satisfactory to Norfolk in its absolute discretion. Norfolk receiving all necessary board, shareholder and stock exchange approvals, consents or waivers required under the Listing Rules and the Corporations Act in relation to the Proposed Acquisition and generally in respect of the transactions contemplated by the Formal Agreement. GCOM receiving all necessary board, shareholder and regulatory approvals, consents or waivers to implement the transactions contemplated by this document, including, if applicable, any approval required by the TSX Venture Exchange; and Norfolk and GCOM negotiating and entering into a formal royalty agreement with respect to the Royalty. It is not proposed that there will be any changes to the Board of Norfolk as a result of the Proposed Acquisition. The Formal Agreement will otherwise contain terms and conditions that are considered standard for an agreement of its nature.
On June 27, 2024, Norfolk is pleased to confirm that Norfolk and GCOM have agreed to further extend the exclusivity period under the Exclusivity Deed by a further 30 days. The total exclusivity period under the Exclusivity Deed is now 105 days commencing on 14 April 2024.