MetalsGrove Mining Limited agreed to acquire an unknown minority stake in Arunta Joint Venture from Shree Minerals Limited (ASX:SHH) for AUD 1 million on January 7, 2022. MGM will make a cash payment of AUD 0.05 million to SHH and issue to SHH 4,750,000 fully paid ordinary shares in the capital of MGM at a deemed issue price of AUD 0.20 each. The transaction is subject to approval from regulatory board and consummation of due diligence investigation.

The transaction is also subject to approval being obtained from the Australian Securities Exchange to admit the securities of MGM to trading on the official list of the ASX.