Trek Metals Limited (ASX:ZRL) signed a binding term sheet to acquire Select Exploration Limited from Battery Minerals Limited (ASX:BAT) for $3 million on January 11, 2018. Trek Metals Limited entered into a binding share sale agreement to acquire Select Exploration Limited from Battery Minerals Limited on March 27, 2018. Under the terms of the transaction, Trek Metals Limited will pay cash of $0.2 million, issue $0.2 million of Trek Metals shares and a deferred consideration of $2.5 million of Trek Metals Limited shares upon an indicated resource of more than 250,000 tonnes of combined Zn/Pb metal being declared in relation to the Kroussou project.

The transaction is subject to satisfactory 30 day due diligence and shareholder approval. A formal share sale agreement and royalty deed in respect of the term sheet is expected to be executed by the parties by the end of March 2018. As of March 28, 2018, the deal is expected to be completed in early April, 2018.

Michael Bowen of DLA Piper Australia Pty Ltd acted as legal advisor to Trek Metals Limited (ASX:ZRL).