First Au (ASX: FAU) reaches agreement to extend Snowstorm option

November 22, 2023 01:11 PM AEDT | By Sonal Goyal

First Au (ASX: FAU) reaches agreement to extend Snowstorm option — Image source: Company update

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Highlights

An agreement has been reached with MoS to extend the option agreement to buy PL 007319 for further 12-months.

The consideration for the agreement is 10 million FAU shares and AU$20k cash payment.

Exercise of option would increase FAU ownership in PL 007319 to 100% from 85%.

First Au Limited (ASX:FAU) has entered into an agreement with Mines of Stirling (MoS) for an extension of the Snowstorm option.

Under the agreement, the option to acquire prospecting licence 007319, which is a part of the Snowstorm project, has been extended for a further 12 months.

As per the agreement terms, consideration for the transaction includes AU$20,000 cash payment and the issue of 10 million FAU shares to MoS. The company can exercise the option any time to acquire PL 007319 before the expiry of the option agreement for a cash consideration of AU$250,000.

With the exercise of the option, FAU would get 100% ownership of PL 007319. FAU earlier had 85% ownership.

The original option agreement stated that after the exercise of option, FAU would transfer 5% ownership of the licence to Ian Neilson.

Meanwhile, the company is engaged in finalising the proposed work plan to conduct the proposed underground bulk sample.

Data source: company update

FAU shares traded at AU$0.002 apiece on 21 November 2023.

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