Sydney - Wednesday - August 12: (RWE Australian Business News) -
Tanami Gold (ASX:TAM) has entered into an alliance with ABM Resources
(ASX:ABU) to explore for gold, copper and other minerals in the highly
prospective Tanami-Arunta province in the Northern Territory.
The alliance will involve Tanami transferring its NT tenements
to ABM and will involve ABM initially spending a minimum of $10 million
on the tenements over a two year period subject to access conditions.
In consideration for the transfer of Tanami's NT tenements to
ABM, the Company will receive:
* $1,500,000 cash.
* 265,000,000 fully paid ordinary shares in ABM resources at no
consideration. Such shares will be subject of a 12 month voluntary
escrow period.
* 150,000,000 unlisted options with an exercise price of 1.5
cents and an expiry date of 5 years. The exercise of the options is
conditional upon ABM’s shares trading at or above a minimum VWAP of 3
cents over 20 consecutive ASX trading days.
* 150,000,000 unlisted options with an exercise price of 1.5
cents and an expiry date of 5 years. The exercise of the options is
conditional upon ABM's shares trading at or above a minimum VWAP of 3.5
cents over 20 consecutive ASX trading days.
* One seat on the ABM Board.
Tanami will be the single largest shareholder in the
restructured ABM with an initial equity position of around 26%.
ENDS rx
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