Asia
Alicanto Minerals Strikes Deals to Strengthen Focus on Western Australia Gold Project; Proposes Name Change; Shares Gain 8%
Alicanto Minerals (ASX:AQI) has struck a series of deals to advance its Swedish asset portfolio and expand the footprint of its Mt Henry project in Western Australia, according to a Thursday filing with the Australian bourse.For the Swedish portfolio, the company signed a letter of intent for a proposed earn-out with Medaro Mining related to the Sala project, as well as a separate earn-out agreement with a Canadian private mining group for its Falun and Greater Falun projects.Together, the Swedish transactions have the potential to deliver up to around AU$9 million in cash, milestone payments, and share consideration to Alicanto, as well as AU$11.8 million in third-party funded exploration expenditure across the projects.Alicanto also reached a deal with Cullen Resources (ASX:CUL) to acquire the granted exploration licenses E63/2216 and E63/1894 adjacent to the Mt Henry project. The tenure, which is underexplored and prospective for gold mineralization, expands Alicanto's regional footprint by around 90 square kilometers. The consideration for the deal includes AU$100,000 in cash.The company plans to use funds from the Swedish portfolio deals for exploration activities at the Mt Henry project and for general working capital.Additionally, Alicanto has proposed changing its name to Sinclair Gold to reflect a focus on its Western Australian gold business. The company has reserved "SGC" as its new ticker code, subject to approvals.Shares of Alicanto Minerals gained 8% in recent Thursday trade.
ASX:AQIASX:CUL