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Victory Mines eyes mining exit with sports technology company buy

Victory MinesLtd. said April 6 that it entered into a conditional binding headsof agreement to fully acquire U.S. sports technology company Milestone SportLtd.

If the acquisition is successful, the company intends todispose of its current exploration and mining assets and change its name toMilestone Sport Ltd., subject to shareholder approval. VictoryMines will lodge a prospectus with Australian regulators to issue shares worthat least A$3.5 million at a minimum price of 2 cents per share.

Victory Mines will issue 332,681,018 fully paid ordinaryshares and 332,681,016 performance shares for the acquisition.

The acquisition is expected to close July 22.