Trek Metals (ASX:TKM) introduced on Tuesday (September 10) that it has signed a binding possibility and acquisition settlement to promote its Hendeka manganese undertaking to personal US-based firm Superior Power Fuels (AEFI).
Beneath the settlement, AEFI has the choice to amass the undertaking as a part of a proposed US itemizing by paying AU$450,000 in money; it should additionally concern Trek 8 million shares as soon as it lists, or an quantity of shares equal to not lower than 20 % of its whole issued capital on a completely diluted foundation. The utmost worth of the shares shall be AU$4 million.
As well as, AEFI will make sure funds, and can solely fund AU$2 million value of exploration. Different situations embody an possibility charge of AU$50,000, AU$25,000 of which has already been paid by AEFI.
Trek stated its subsidiaries Edge Minerals and Bellpiper maintain the tenements that make up Hendeka, which is situated in Western Australia’s Pilbara area; AEFI will purchase these subsidiaries if it chooses to train its possibility.
The corporate acquired Hendeka in November 2022. A JORC-compliant inferred useful resource estimate outlines 11.3 million tonnes grading 15 % manganese for the Contact and Contact North deposits.
AEFI can train its possibility any time till September 30, 2027, and can spend the AU$2 million on exploration at Hendeka main as much as that point, together with minimal expenditures to keep up the tenements in good standing.
“The Hendeka Venture gives important optionality on the resurgence of the manganese sector following current well-publicised world provide points,” stated Trek CEO Derek Marshall. “The deal is structured in a manner that can give Trek important publicity to future upside from the exploration and improvement of Hendeka through a 20 % shareholding.”
He additionally defined that Hendeka has develop into a non-core undertaking for the corporate given a serious gold drilling program that’s within the works at its Christmas Creek undertaking, and momentum surrounding its McEwen Hills niobium undertaking.
Trek and AEFI have additionally signed a separate investor rights settlement giving Trek the correct “however not the duty to nominate one Director to AEFI, in addition to customary participation and data rights in AEFI.”
AEFI’s itemizing is predicted to happen on or earlier than September 30, 2025.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
