Bindi Metals Limited entered into a sale and purchase agreement to acquire Schryburt Lake REE-Nb-Zr Project in northern Ontario from Trent Potts, Gold Resources Pty Ltd, Reefs Secret Pty Ltd and David Palumb for AUD 0.92 million.

Bindi Metals Limited (ASX:BIM) entered into a sale and purchase agreement to acquire an 80 percent stake in Schryburt Lake REE-Nb-Zr Project in northern Ontario from Trent Potts, Gold Resources Pty Ltd, Reefs Secret Pty Ltd and David Palumb for AUD 0.92 million on March 27, 2023. The consideration includes AUD 60000, 2 million of ordinary shares and another 2 million of performance rights. On May 16, 2023, Bindi Metals Limited entered into a variation agreement to increase its interest to be acquired to 100%.

The revised consideration consists of 900,000 fully paid ordinary shares and 5,200,000 Performance Rights. Each Performance Right will convert into 1 Share per Performance Right subject to satisfaction of the relevant performance hurdles. No cash consideration is payable on the issue of or exercise of a Performance Rights.

The Consideration Securities will be subject to a voluntary escrow period of 6 months from the date of issue of the securities. In addition, Bindi Metals Limited has agreed to pay the Beneficial Owners an aggregate 1% net smelter return royalty payable from the sale of all minerals produced from commercial mining operations on the Mineral Titles. The deal is subjected to due diligence investigation, approval of acquirer shareholders, regulatory and third party approvals.

As of May 16, 2023 due diligence stands completed.