Capricorn Metals Ltd signed a binding agreement to acquire Mumbakine Well Project from Gascoyne Resources Limited for Approximately AUD 5 million.

Capricorn Metals Ltd (ASX:CMM) signed a binding agreement to acquire Mumbakine Well Project from Gascoyne Resources Limited (ASX:GCY) for Approximately AUD 5 million on May 30, 2022. As per the terms of the transaction Capricorn Metals Ltd will pay AUD 1.25 million payable upon completion plus AUD 3.5 million as differed payment. Completion of the transaction remains subject to the parties receiving approval from third parties to effect the transfer of the tenement including West Australian regulatory approval.Completion is expected to occur by the end of June 2022.

Sternship Advisers Pty Ltd. and Canaccord Genuity (Australia) Limited acted as Financial advisors to Gascoyne Resources Limited.