Ram Resources Limited (Ram or the Company), is pleased to announce that it has entered into an agreement with Regency Mines Australasia Pty Ltd (Regency) to acquire Regency’s remaining interest in the Fraser Range Project. On completion of the agreement, Ram will hold 100% ownership of the Fraser Range Project.
Under the terms of the agreement, Ram has agreed to pay Regency total consideration of A$100,000 and 16,666,666 options to acquire unissued fully paid ordinary shares in RMR (Options) with an exercise price of A$0.006 per Option and expiring on the 4th anniversary of their issue. The Options will be issued under the Company’s existing placement capacity under Listing Rule 7.1.
Regency’s pre-existing performance shares and royalty rights in relation to the Project will remain in place following completion of the agreement (with the royalty right to extend to include the additional interest in the Project to be acquired by Ram under this new agreement).
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