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Impact Minerals Limited (IPT.AX) CAD$5.5 Million Joint Venture with Bluebird Battery Metals Inc (TSXV:BATT) on Broken Hill Project
Perth, Australia (ABN Newswire) - Impact Minerals Limited (ASX:IPT) is pleased to announce th...
About this update from Lux Metals Corp
[{"type":"text","content":"Impact Minerals Limited (IPT.AX) CAD$5.5 Million Joint Venture with Bluebird Battery Metals Inc (TSXV:BATT) on Broken Hill Project\nPerth, Australia (ABN Newswire) - Impact Minerals Limited (ASX:IPT) is pleased to announce that it has signed a binding Letter of Intent (\"LOI\") to joint venture its Broken Hill project with TSX Venture exchange-listed BlueBird Battery Metals Incorporated (CVE:BATT). - CAD$150,000 Cash - 5,250,000 shares in BlueBird (current market value CAD$2.63 million) - CAD$2.25 million expenditure over 3 years to earn a 75% interest - A further CAD$500,000 of shares in BlueBird over the 3 year earn-in. Under the terms of the farm-in Bluebird has the right to earn a 75% interest in the five Exploration Licences that comprise Impact's Broken Hill project by payments of cash and shares and exploration expenditures totaling CAD$5.525 million (at the last closing price of BlueBird shares of CAD$0.50). Impact Mineral's Managing Director Dr Mike Jones said \"We are very pleased to partner with BlueBird Battery Metals on the Broken Hill Project. The management of BlueBird have a strong track record in exploration discovery and resource development and they are committed to exploration success on their Australian portfolio. They have chosen to focus on the Broken Hill project because of its prospectivity for a wide range of metals that will form a critical part of the emerging market for batteries and renewable energy sources and we look forward to working with them on their exploration programme. This will include early drilling on the targets Impact has already identified.\" \"Our partnership with BlueBird is also a successful outcome of the strategic review of our portfolio completed earlier this year and which has also led to the recently announced sale of our Pilbara gold project and drill programmes at our Commonwealth Project in New South Wales and Clermont Project in Queensland. All of this forms part of our overall strategy of generating first class projects and finding partners where appropriate.\" Impact and BlueBird have also reached a unique agreement, detailed below, that protects Impact's shareholding in the short term from any down side movement in BlueBirds share price and also allows BlueBird a short to medium term right to buy back one third of the shares issued to Impact at a price of CAD$0.75 per ...