- First Au Limited (ASX: FAU) shareholders voted in favor of the proposed Talga Project Joint Venture and Farm-In (JVFI) Agreement.
- Under the JVFI agreement, Octava will manage and explore the tenements of the Talga Project.
- Octava needs to successfully complete admission to the ASX by 12 August 2022, for the transaction to complete.
Australia-focused gold and base metal exploration company First Au Limited (ASX: FAU, OTCQB: FRSAF) has shared an update on the Talga Project Joint Venture and Farm-In (JVFI) Agreement with Octava Minerals Limited (earlier known as 8Au Pty Ltd).
FAU stated that the shareholders of the Company have voted in favour of the transaction with Octava at FAU’s 2022 annual general meeting, held on 31 May 2022.
In November 2020, the diversified miner had entered into a conditional binding term sheet with Octava. The term sheet entitled Octava to earn up to 80% interest in East Pilbara’s Talga Project with FAU retaining the remaining 20% interest. The transaction was subject to the approval of FAU shareholders in the 2022 annual general meeting.
Under this arrangement, Octava will manage and explore the tenements of the Talga Project. This will allow FAU to focus its resources on other projects, particularly its Victorian project, where drilling is currently underway at Dogwood.
IPO and ASX listing
For the transaction to complete, Octava needs to successfully complete its admission to the ASX by 12 August 2022. FAU also reported that Octava has lodged a prospectus for its initial public offer and ASX listing with ASIC on 17 June 2022.
Source: © Ileezhun | Megapixl.com
FAU shareholders with a registered address in Australia, as of 5 pm (AEST) on 16 June 2022, will be eligible to subscribe to the AU$1million priority offer of Octava shares.
In case of oversubscription, applications under the Priority Offer will be scaled back to an aggregate of $1 million. FAU also stated that the priority will be given to ensure each applicant under the Priority Offer obtains a parcel of not less than $2,000.
Oversubscriptions under the Priority Offer are also subject to acceptance or rejection at the discretion of the Board of Octava.
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FAU shares last traded at AU$0.013 as of 20 June 2022.