Trek Metals Limited (ASX:TKM) entered into binding heads of agreement to acquire Archer X Pty Ltd for approximately AUD 6.1 million on October 11, 2023. The consideration includes AUD 0.25 million upfront cash payment and issuance of fully paid ordinary shares worth of AUD 0.5 million in the capital of Trek. There is a deferred component which will be paid in fully paid ordinary shares amounting to AUD 5.5 million subject to subject to and conditional upon an announcement by Trek to ASX within 5 years of the date of the agreement. Trek intends to use existing working capital funds to pay for the acquisition. The transaction is subject to Trek obtaining any board and regulatory approvals, shareholders of Archer entering into the required escrow deeds and Archer, Trek and where necessary, third parties, entering into any required deeds of assignment in relation to Archer or the tenements at settlement.

Trek Metals Limited (ASX:TKM) completed the acquisition of Archer X Pty Ltd on December 1, 2023.