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Scorpion Minerals Limited ( (AU:SCN) ) just unveiled an update.
OZZ Resources Limited has entered into a binding option agreement granting Scorpion Minerals Limited an exclusive option to acquire 100% of OZZ’s interest in specified tenements and associated mining information, in a deal that includes an immediate $100,000 option fee and a further $2.5 million payable in cash or Scorpion shares upon satisfaction of conditions and exercise of the option before December 2026. The transaction, deemed a disposal of OZZ’s main undertaking and therefore subject to shareholder approval under ASX Listing Rule 11.2, comes while OZZ’s securities remain suspended from quotation, and the board says the deal offers attractive post‑tax value for shareholders as the company exits its main assets and continues to pursue new project and business acquisition opportunities while containing operational costs.
More about Scorpion Minerals Limited
OZZ Resources Limited is an Australian mineral exploration company listed on the ASX, focused on holding and advancing mining tenements and related geological information assets in Western Australia.
Average Trading Volume: 1,554,934
Technical Sentiment Signal: Sell
Current Market Cap: A$13.2M
See more data about SCN stock on TipRanks’ Stock Analysis page.