Bass Metals Limited (ASX:“BSM”) (the “Company”) is pleased to advise it has executed a conditional Terms Sheet whereby Bass shall dispose of all its tenements and mining related interests in Tasmania to NQ Minerals Plc (“NQM” - a company listed on the London AIM exchange).
The terms sheet between Bass and NQM provides that the agreement shall be conditional upon NQM acquiring the Hellyer Mining lease CML103M/1987 from a third party (the “transaction”) and that NQM shall notify Bass of the completion of this event. Bass has now been informed that this event has been completed, though completion of this terms sheet and the sale is still conditional upon NQM achieving shareholder approval for the transaction from their shareholders. Following NQM achieving shareholder approval, Bass and NQM shall prepare and complete a Sale and Purchase agreement (“the agreement”). Completion of the agreement is subject to a period of due diligence which may be undertaken by NQM. It is proposed that completion of the agreement shall occur within 6 months from the signing of the Terms Sheet.
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