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Force Commodities to dump Halls Peak as focus shifts to DRC lithium projects

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.