Northern Minerals Limited (ASX:NTU; Northern Minerals) is pleased to announce that it has acquired ownership of tenements EL26270, EL26286, EL26635 and EL27590 from Toro Energy
(ASX:TOE). The tenements, originally held under a joint venture arrangement between Northern Minerals and Toro Energy, are now 100% owned by Northern Minerals with the exception of the uranium minerals rights which will be retained by Toro Energy.
In compensation, Northern Minerals has agreed to grant shares to the value $200,000 to Toro Energy in 12 months. However, during this period should Northern Minerals raise more than $10 million in capital this amount will be paid in cash.
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