Polymetals Resources Ltd (POL.AX) said that it has formed a non-exclusive strategic alliance with Metals Acquisition Limited (MAC.AX) to advance synergies aiming to extract greater value from both the Endeavor and CSA Copper Mines, both located in the Cobar Basin, NSW Australia.
Metals Acquisition owns and operates the high-grade CSA Copper Mine located 5 km to the north of Cobar NSW. Polymetals high-grade Endeavor Silver Zinc mine is located 30km to the north of CSA.
The alliance will allow each company to exploit synergies between the neighbouring mines, Polymetals said.
Metals Acquisition will invest an initial A$2.5 million at a price of A$0.35/share for an initial 4.31% interest in POL.
Polymetals Resources will issue about 7.14 million fully paid ordinary shares to MAC or its nominee.
MAC will invest an additional A$2.5 million at a price of A$0.35/share, subject to satisfaction of certain conditions precedent.
MAC will have the right to appoint one director to the POL board once it holds 7% of the issued shares in POL.
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