ASX:HLX

CuFe To Sell Western Australian Non-Core Tenements to Helix Resources

CuFe (ASX:CUF) entered into a binding terms sheet for the sale of its non-core tenement package in the Nullagine region of Western Australia to Helix Resources (ASX: HLX), according to a Tuesday Australian bourse filing.The consideration comprises AU$50,000 in cash and AU$200,000 in Helix shares at an issue price of AU$0.035 per share. Settlement, expected by no later than Nov. 30, is conditional upon Helix obtaining shareholder approval for the issue of the consideration shares.Helix said it would acquire 100% interest in 30 tenements, according to a separate filing.CuFe will also be entitled to a 1% net smelter royalty on all minerals extracted from the tenements.