Cove Resources Limited (ASX: CVE & CVEO) is pleased to announce that the Company has entered into an agreement to acquire 100% of the Tally Ho and Mt Scott Projects from Alcyone Resources Ltd (formerly Macmin Silver Limited). The acquisition cost will be; ? The issue of shares to Alcyone Resources Limited to the value of $ 50,000 (based on the 30 day VWAP of Cove shares prior to the A.S.X. announcement of the Agreement) payable on execution of the agreement. ? The issue of shares to Alcyone Resources Limited to the value of $150,000 (based on the 30 day VWAP of Cove shares prior to the ASX announcement of the extension) upon the extension of the Tally Ho tenements for a period of not less than one year. ? Upon securing the extension Cove Resources Limited will take over all current and ongoing environmental liabilities relating to the tenements up to an amount of $78,000.
AYN Price at posting:
6.7¢ Sentiment: Hold Disclosure: Held