Apollo Minerals Ltd. said March 8 that it signed an agreement with Variscan Mines Ltd. to acquire unit Variscan Mines SAS, which holds the remaining 20% stake in the Couflens tungsten-copper-gold project in southern France.
The company acquired an 80% interest in the Couflens project by acquiring Ariege Tungstene SAS in March 2017, which it completed in June 2017.
Apollo will pay an initial A$200,000 plus staged payments of A$800,000 over eight months. In addition, Apollo agreed to issue up to A$2.6 million in shares upon meeting certain milestones and assume €400,000 in liabilities, deductible from the staged cash payments.
The acquisition is expected to be completed on or before Sept. 30.
