Force Commodities Ltd. entered separate options to sell its two Halls Peak silver project tenements, EL4474 and EL7679, in New South Wales, Australia, for up to A$665,800 to XS Resources Ltd.
The option agreements are exercisable within 30 days. However, their completion is conditional on a successful IPO by the buyer by Dec. 31.
For EL4474, the company will receive a A$25,000 option fee and a further A$75,000 in cash and A$250,000 in shares when XS completes the IPO.
XS will issue a further A$250,000 in shares upon achieving sales of over A$2 million from the Halls Peak project.
To purchase EL7679, the company will receive a A$1 option fee, and a further A$65,800 in cash when the IPO is completed.
Force said June 1 that the sale will allow it to solely focus on its lithium projects in the Democratic Republic of the Congo.
