Terra Uranium (ASX:T92) said it plans to acquire LCT Metals, securing two high-grade tin, silver, and gold exploration projects in New South Wales' New England Tin Province, according to a Thursday filing with the Australian bourse.
Under the binding term sheet, Terra Uranium will pay AU$40,000 in cash and issue 2.44 million fully paid shares to acquire the mining firm. The deal is expected to be completed within 4-8 weeks and will see the granting of 1.22 million options exercisable at AU$0.09 until Dec. 31, 2026, pending approvals, the filing said.
Additionally, the company said it has received commitments from investors to raise AU$500,000 through the placing of 12.5 million shares at AU$0.04 per apiece, the filing said.
Funds will support the acquisition, ongoing exploration, and general working capital, the filing added.
Melbourne's Peak Asset Management and Sydney-based GBA Capital were the joint lead managers for the placement.
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