The Directors of Revere Mining Limited (‘RVM’, ‘Revere’ or ‘Company’) are pleased to announce that the Company has entered into a Terms Sheet with Enterprise Metals Limited (‘ENT’ or ‘Enterprise’) to acquire all of the shares of ENT (“Acquisition”). As consideration for the Acquisition, Revere will issue RVM shares to the Enterprise shareholders on the basis of one RVM share for one ENT share. This Acquisition is very exciting for Revere which, up to now, has been focussed entirely on gold exploration at its Revere project 90 km NE of Meekatharra. The Acquisition will broaden Revere’s commodity base to include base metals, iron ore and uranium and add considerable depth to the geographic areas now under Revere’s control. Many of the tenements held by Enterprise contain prospects with known mineralisation, which should provide Revere with high quality and immediate drill targets, and a faster route to exploration success. Completion of the Acquisition is subject to: · satisfactory completion of due diligence by Revere and Enterprise in relation to each other, · Revere obtaining the necessary shareholder approvals to issue the shares to the Enterprise shareholders and complete the Acquisition, · Revere entering into service or consultancy agreements for the engagement of Mr Dermot Ryan as Managing Director and Mr Bruce Hawley as an executive Director of Revere, and · no material adverse changes occurring in relation to either Revere or Enterprise prior to completion of the Acquisition. BACKGROUND Enterprise is an unlisted public company which has, under the directorship of well known geologist Dermot Ryan, consolidated a highly prospective group of Western Australian gold, base metals, iron ore and uranium projects from a number of private vendors. These projects were secured by Enterprise on the basis of known mineralisation and potential for discovery of substantial ore deposits.
RVM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
