Alicanto Minerals Ltd. announced that it has entered into a binding agreement to acquire the historical Falun mine and surrounding tenements.
The Greater Falun Project is contiguous to the historic Falun mine. The Company has entered into a binding agreement to acquire the historic Falun Mine and associated tenements from the current owners, Explora Mineral AB. This acquisition allows Alicanto to consolidate its interests in this highly prospective district and extends its total tenement area to 312km2. Key terms of the agreement include: Total consideration of AUD 200,000, comprising: an immediately payable cash deposit of AUD 10,000; a cash payment on completion of AUD 40,000; and Alicanto shares to the value of AUD 150,000 to be issued at a deemed price equal to the VWAP over the 30 trading days prior to the date of completion using the Company's available placement capacity under Listing Rule 7.1. The agreement is subject to two conditions precedent: Alicanto being satisfied (in its sole and absolute discretion) with the outcome of its due diligence investigations in respect of the assets; and approval of the transfer of the tenements to Alicanto by the Mining Inspector pursuant to the Minerals Act of Sweden.