Business
Renegotiation of Mallina Acquisition
Renegotiation of Mallina Acquisition.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n\n\n \nTrading Symbols\nAIM: UFO\nFWB: I3A1\n05 May 2023 \n\n \n\n \nAlien Metals Ltd\n(\"Alien\" or \"the Company\")\n \nRenegotiation of Mallina Acquisition\nConditional acquisition of Mallina\n \n \nAlien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to announce it has renegotiated its agreement (see announcement 5 September 2022), with Mallina Exploration Pty Ltd (\"Mallina\"), to fast track the acquisition of the E 47/3752 tenement that adjoins its flagship Hancock Iron Ore Project (\"Hancock\") and provides direct strategic access to the Great Northern Highway.\n \nHighlights\n· The Company will acquire Mallina Exploration Pty Ltd.\n· The key terms of the agreement remain largely unchanged from that of the original agreement; however, the Company has negotiated the removal of the condition precedent relating to exploration drilling to earn the tenement interest.\n· Removal of this condition precedent allows the Company to focus on sterilisation drilling across the Miscellaneous Licence (E 47/3752) to enable access road construction.\n \nRod McIllree, Executive Director, commented:\n\"I am pleased to announce that we have successfully brought forward and concluded the acquisition of the Mallina tenement consolidating our tenement holding in and around Hancock. Fast tracking this provides us with a strategic advantage in ...