Myanmar Metals Limited (ASX:MYL) entered into binding agreement to acquire two exploration licences in Wuntho Project from Myanmar Reserves Development Company Limited for AUD 4 million on January 21, 2021. Under the terms, Myanmar Metals Limited will pay AUD 0.4 million in cash and AUD 3.6 million in shares under two tranches where Myanmar Metals Limited will issues 51% of consideration shares on satisfactory completion of due diligence and other customary conditions precedent in first tranche and remaining 49% of consideration shares on September 1, 2021 in second tranche. Deposit of AUD 0.2 million will be paid within 5 days. Half of this amount will be non-refundable after the completion of due diligence. Shares issued will be subject to a 6 month escrow period from the date of issue. Myanmar Reserves Development Company Limited entitled to a 1% net smelter return.
Myanmar Metals Limited (ASX:MYL) cancelled the acquisition of Two Exploration Licences in Wuntho Project from Myanmar Reserves Development Company Limited on March 15, 2021.