REZ buys Radio project in WA
PERTH (miningweekly.com) – Junior Resources and Energy Group (REZ) has struck a deal to acquire unlisted Brightsun Enterprises in a deal valued at A$2.05-million, in order to gain ownership of the Radio gold project, in Western Australia.
Under the terms of the agreement, REZ would pay Brightsun shareholders A$250 000 in cash, and would issue two tranches of 7.5-million shares, at a price of 12c each.
The issued shares would be subject to a two-year escrow period, and the second tranche placement would be subject to a claw-back based on the Radio mine realising a minimum net positive cash position of A$1-million within 24 months of the start of operations.
REZ had further agreed to make A$1.25-million available for the development of the Radio project.
The Radio project was located on a granted mining lease and occupied a surface area of 9.8 km2. The mine was closed in 1974.
Brightsun had received works approval to dewater the existing workings, with the dewatering expected to provide mine access to conduct geological assessment of the historical workings, including channel sampling, an underground drilling programme and a bulk sampling campaign.
REZ was targeting the development of a small high-grade resource at Radio.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...
VISIT SHOWROOM
The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
