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