Malagasy Minerals Finalises Agreement To Divest Stake In Molo Project


News: ASX-listed Malagasy Minerals has finalised an agreement to divest its 25% interest in the Molo graphite project in Madagascar to joint venture (JV) partner Energizer Resources. Under the terms of the deal, on execution of the agreement Energizer would initially pay Malagasy CAD400,000 (US$360,968) in cash, as well as issue 2.5mn energizer shares and 3.5mn energizer warrants. Following the completion of the project's bankable feasibility study and on the commencement of production, Energizer would pay CAD700,000 (US$631,695) and CAD1mn (US$902,42), issue a further 1mn shares and pay 1.5% net smelter return (NSR) on all production.

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Related sectors of this article: Mining
Geography: Madagascar