Hexagon Resources sells South Korean assets

Company News

by Jessica Ellerm

Hexagon Resources Limited (ASX:HXG) has announced it has agreed to sell its South Korean graphite assets to Battery Material Resources Limited.

Battery will pay Hexagon $700,000 in cash as part of the deal.

The deal will also see Hexagon granted 5 million fully paid ordinary shares in Battery.

Should Battery fail to list within 15 months of the transaction completion, Hexagon has a put option to sell the shares back to the company.

Hexagon Resources Limited reported a net loss of $2.57 million at 30 June 2016.

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