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Dreadnought Signs Deal to Divest Western Australia Tenement Option to Catalina Resources

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Dreadnought Resources (ASX:DRE) entered into a binding heads of agreement with Catalina Resources (ASX:CTN) to divest its option over tenements in Western Australia's Mid-West region, according to a Thursday filing with the Australian bourse.

The consideration includes AU$100,000 in cash, AU$200,000 in Catalina shares issued at AU$0.055 apiece, and a deferred payment of 50% of net proceeds capped at AU$500,000 if the tenements are disposed of within 12 months of completion, payable in cash or shares at Catalina's discretion, the filing said.

Completion depends on Catalina raising at least AU$3 million through a two-tranche placement and securing all required shareholder approvals, the filing added.

Catalina's shares jumped about 16% in recent Thursday trade.

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