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Caeneus delays acquisitions of 3 gold exploration licenses in Western Australia

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Caeneus delays acquisitions of 3 gold exploration licenses in Western Australia

Caeneus Minerals Ltd. said May 21 that it signed a deal to extend the expiry date for its acquisition of three gold exploration licenses in Western Australia to July 15 and to reduce the exercisable price of 515 million share options to 0.3 Australian cent per share on or berfore Dec. 31, 2020, from 0.5 cent per share before June 30, 2021.

The company previously agreed to acquire Mt Roe Mining Pty. Ltd., which owns the three exploration licenses, in October 2017 via the issuance of 515 million shares and 515 million unlisted options, in addition to a cash payment of A$45,000.

The extension was expected to grant the company more time to secure shareholders' approval, while the price amendment was to compensate for an ongoing delay resulting from court proceedings as well as a delay in fundraising, which was completed on April 30.

Separately, the company also signed an agreement to reduce the amount of remaining consideration for the acquisition of Nevada Metals Pty. Ltd., which owns the Lida Valley and Muddy Mountain lithium projects in Nevada, to 160 million shares from 200 million shares, while the price remains at 0.1 cent per share.

The company also decided to relinquish the two projects in September 2017 as it plans to focus its exploration on potential targets in the area north of Clayton Valley and Columbus Marsh.