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Aldoro inks option for Altilium Metals, exploration assets in Western Australia

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Aldoro inks option for Altilium Metals, exploration assets in Western Australia

Aldoro Resources Ltd. entered a binding option agreement to acquire Altilium Metals, which holds exploration assets in the Murchison Region of Western Australia.

The assets include the Penny South gold project, the Narndee project area comprising the Narndee nickel-copper-platinum group metals project and the Kiabye Greenstone Belt gold project, the Unaly Hill South gold project and the Windimurra nickel-copper-PGM and lithium project.

Under the agreement, Aldoro will pay a A$50,000 fee to secure an exclusive option to acquire Altilium for 10.8 million Aldoro shares.

Aldoro said Sept. 6 that it will also assume up to A$250,000 of liabilities and debts held by Altilium.

Upon completion of the deal, Altilium Managing Director Caedmon Marriott and Chairman Rhod Grivas will join the Aldoro board. In addition, the transaction will see Aldoro issue 1.2 million facilitator shares to Xcel Capital Pty. Ltd.

Aldoro also outlined plans to raise A$650,000 for exploration and working capital, through a private placement of 4,333,333 shares priced at 15 Australian cents apiece.

The company will undertake a dual drilling program in the fourth quarter, focused on the Penny South gold project and the Leinster nickel project in Western Australia.