(Alliance News) - Oracle Power PLC on Tuesday said it will fully buy the Blue Rock Valley Copper and Silver project in Western Australia from Mining Equities Pty Ltd.
The international developer of energy projects focused on Pakistan and Australia said under the terms of the purchase and sale agreement, it will pay GBP30,000 through the issue of 136 million shares for the option.
If Oracle chooses to exercise the option to acquire an 100% interest in the Tenement, it will pay GBP200,000 through the issue of a further 913 million new shares to Mining Equities.
The project, which is located 165 kilometres southeast of Onslow, is a key port for the region's iron and liquified natural gas exports.
Oracle said the transfer of the tenement from would be subject to and conditional on the company obtaining the prior written consent of the Minister of Mines and Petroleum in the State of Western Australia.
Oracle Chief Executive Officer Naheed Memon said: "The option over a base metal and silver project in Western Australia, of this magnitude, represents a great opportunity for Oracle. Due diligence will be completed over the coming weeks, and an assessment of the best exploration tools to move the project forward will be undertaken by our technical team."
Shares in Oracle were up 6.0% to 0.025 pence each in London on Tuesday afternoon.
By Sabrina Penty, Alliance News reporter
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Oracle Power (ORCP)