commonwealth prospect

IMPACT TO SELL A 75% INTEREST IN THE
COMMONWEALTH PROJECT, NEW SOUTH WALES
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has agreed terms for the sale of a
75% interest in its 100% owned Commonwealth Project in the Lachlan copper-gold province of New
South Wales (Figure 1).
The principal terms of the sale, which is to Burrendong Minerals Limited (Burrendong), an unrelated
public company looking to list on the ASX, are:
1. A non-refundable option fee of $25,000 for an eight-week Exclusivity Period to complete a Share
Purchase Agreement (SPA) and Joint Venture Agreement (JVA). The Exclusivity Period can be
extended by Burrendong for a further eight weeks for a second non-refundable payment of
$25,000.
2. On execution of the SPA Impact to receive a non-refundable payment of $250,000 cash.
3. Following execution of the SPA Burrendong will have nine months to complete a listing on the
ASX.
4. Upon listing Impact will receive a further $250,000 cash, a 19.9% interest in the newly listed
company and will also retain a 25% interest in the project.
5. The project will then operate under an Incorporated Joint Venture with Burrendong to sole fund
exploration until the earlier of the first $5 million of expenditure or a Decision to Mine.
6. Normal dilution clauses will subsequently apply and if Impact reduces to less than a 10% interest
it will convert to a royalty of 2% NSR.
7. Impact shareholders will be entitled to a priority right to subscribe for up to $3,000,000 worth of
shares.
8. Impact will have the right to nominate a Director to the Board of Burrendong.
9. Upon listing, Burrendong has the right to purchase Impact’s interest in the project at a price to be
agreed between the parties or at a price determined by an independent third-party valuation.
o Burrendong Minerals Limited
if the above deal does not go ahead with Burrendong Minerals Limited do you think BHPwill look over this prospect ...