Empire Metals Limited (AIM:EEE) and Almeera Ventures Ltd entered into a binding heads of agreement to acquire 51% stake in Munni Munni Palladium Project in the West Pilbara, Western Australia from Artemis Resources Limited (ASX:ARV) for £0.5 million on April 27, 2020. Almeera has claim to an option over Artemis's holding in Munni Munni. Almeera has agreed to withdraw its claim to allow Empire to enter into the Agreement. In consideration for the withdrawal of this claim, Empire will make a loan to Almeera of £0.1 million (which will be made in the form of an issue to Artemis of 10 million new ordinary shares of Empire) to satisfy the consideration due to Artemis for the acquisition of a 10% stake in the Munni Munni licence by Almeera. The loan is repayable by Almeera three years from the date of Completion and will attract an interest rate of 2% per annum. The total consideration payable to Artemis of £0.6 million is to be satisfied via the issue of 60 million new ordinary shares (including the Almeera Shares) at a price of 1 pence per share. Empire Metals will make a cash option payment of £ 0.025 million. On Completion, Empire will hold an effective interest of 41% in the Munni Munni Project, Platina Resources Limited will hold 30%, Artemis will hold 19% and Almeera will hold 10%.

The transaction is subject to a number of conditions precedent including completion of due diligence, execution of a formal joint venture agreement between the Parties, obtaining necessary regulatory approvals and obtaining all necessary third-party consents and approvals to give effect to the proposed acquisition. Ewan Leggat and Soltan Tagiev of S. P. Angel Corporate Finance LLP acted as nominated advisor and broker to empire metals limited. Damon Heath of of Shard Capital Partners LLP acted as broker to empire metals limited. An introduction and advisory fee of £0.35 million will also be paid to a third party on completion and will be satisfied by the issue of 35 million new ordinary shares at a price of 1 pence per share.

Empire Metals Limited (AIM:EEE) and Almeera Ventures Ltd cancelled the acquisition of 51% stake in Munni Munni Palladium Project in the West Pilbara, Western Australia from Artemis Resources Limited (ASX:ARV) on January 31, 2021. The cancellation was a result of agreement lapse as at January 31, 2021.