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Ozz Resources Ltd ( (AU:OZZ) ) has shared an announcement.
OZZ Resources has entered into a binding option agreement granting Scorpion Minerals an exclusive right to acquire 100% of OZZ’s interest in specified tenements and associated mining information for an initial option fee of $100,000 and, upon exercise and satisfaction of conditions precedent, a further $2.5 million in cash or Scorpion shares. As the transaction amounts to the disposal of OZZ’s main undertaking, it is subject to shareholder approval, and comes against the backdrop of the company’s extended ASX suspension; following withdrawal from a previously proposed transaction, OZZ’s board views the option as an attractive value outcome while the company continues to review new project and business acquisition opportunities and prioritise reduced operational spending.
More about Ozz Resources Ltd
OZZ Resources Limited is an Australian mineral exploration company listed on the ASX, focused on holding and advancing mining tenements and associated mining information, with an emphasis on creating value from its resource assets for shareholders.
Technical Sentiment Signal: Sell
See more data about OZZ stock on TipRanks’ Stock Analysis page.