Reach Resources Limited (ASX:RR1) signed binding terms sheet to acquire E09/2539 and E09/2542 from sole shareholder for AUD 0.28 million on February 8, 2023. Under the terms of consideration, Reach Resources has paid a AUD20,000 non-refundable cash deposit on January 3, 2023); and to pay AUD 0.12 million in cash (AUD 20,000 was paid on February 1, 2023, leaving a balance of AUD 100,000 remaining payable in cash); and the issue of 30,000,000 shares in RR1 at an issue price of AUD 0.004 per Share. The transaction is subject Reach successfully completing Tranche 1 of the Placement; the seller of the tenements executing a voluntary escrow deed with respect to the consideration shares for a period of 6 months from the date the consideration shares are issued to the seller (or its nominee); and there being no material adverse change in the circumstances and none of the warranties given becoming untrue, incorrect or misleading each prior to the date of satisfaction (or waiver) of all other conditions.

Reach Resources Limited (ASX:RR1) completed the acquisition of E09/2539 and E09/2542 from sole shareholder in first quarter 2023.