Entered into Joint Venture Agreements with Three Entities: Independence Group NL (ASX: IGO) informed the market that it has entered into tenement purchase and joint venture agreement with three entities owned and controlled by Mark Creasy. The objective of this deal is to further strengthen IGO’s position on the highly prospective Fraser Range. Following this, the group has secured a further 1,100 square kilometres of highly prospective Fraser Range tenements over its Nova nickel-copper mine. According to the JV Agreements, the company will pay the Creasy Group $21.0 million within ten business days of the execution of the agreements to earn a 70% managing interest in the Southern Hills tenements. The $21.0 Mn purchase price consists of about $5.3 Mn in cash and about $15.7 Mn in IGO shares at an issue price equivalent to the 20-day volume weighted average price to 28 June 2018. Further, the group has committed in the order of $50 Mn for exploration in FY19 with 60% of this earmarked for exploration at Nova and on the Fraser Range, including the Southern Hills tenements. Meanwhile, IGO stock climbed up 4.41 per cent in the past one week as on July 02, 2018 but dropped by 4.2% on July 03, 2018.
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