Middle Island Resources Ltd (MDI), an Australian gold explorer, intends to purchase the East Tennant project, adjacent to the company's existing Barkly Super Project, for $638,400.
MDI will buy the project, which consists of six exploration licenses covering 1,500 square kilometres in the highly prospective East Tennant region, from Strategic Energy Resources Ltd for 18.24 million MDI shares, valued at $0.035 per share.
The deal will expand Middle Island’s land position and target list in the East Tennant region and is aligned with the company’s strategy to build value through the exploration and consolidation of underexplored greenfield projects.
Subject to shareholder approval and other customary conditions and the move is expected to close within ninety days and the MDI shares issued to SER will be subject to a voluntary escrow period of at least twelve months.