Indiana Resources Ltd. agreed to acquire two gold-prospective exploration licenses covering 126 square kilometers in Mali by purchasing the issued share capital of Mukuyu Resources Ltd.
Mukuyu holds a 75% interest in the Koussikoto Ouest and a 95% interest in the Kenieko Nord licenses, which cover a total of 126 square kilometers in the country's Kenieba province.
Under the term sheet, Indiana Resources will issue 650,000 shares as payment for the option. Upon the completion of due diligence and exercise of the option, the company will issue an additional 6.5 million shares to acquire Mukuyu.
As part of the deal, Indiana Resources will complete a A$2 million spend on the two mining licenses within 12 months of settlement. Meanwhile, the company agreed to issue up to 22.5 million shares and 6.5 million share purchase options upon meeting certain milestones on the projects.
