IGO Boosts Fraser Range Holdings

1 min read | September 04, 2020 12:59 PM AEST | By Team Kalkine Media

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IGO Newsearch Pty Ltd, subsidiary of IGO Limited (ASX:IGO) has inked an asset sale agreement with Boadicea Resources Limited (BOA) for a conditional sale of 9 Fraser Range Tenements in 5 year period. The transaction includes of:

$5.5 million upfront, non-refundable cash payment by IGO
$1.5 million subscription price to purchase 6,250,000 shares in BOA at 24 cents per share
$50 million payment by IGO entity to buy the Fraser Range assets, contingent on the declaration of a JORC resource by IGO in the 5-year period
IGO shall grant BOA a 0.75% Net Smelter Return (NSR) Royalty on all revenues from Fraser tenements

The tenure also includes the Symons Hill tenement.

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