RE: My munni is on Mundi20 Mar 2022 08:33
Thanks PP
This from Platina:
Munni Munni Platinum Group Metals & Gold Project, Western Australia
Situated in the Pilbara region of Western Australia, Munni Munni is one of Australiaβs most significant platinum group metal and gold occurrences. Platina holds a 30% interest in the Munni Munni project in a joint venture with Artemis Resources Ltd (Artemis) who is the operator.
During the quarter, Platina signed a conditional Binding Heads of Agreement to sell its 30 per cent interest in the Munni Munni Project to London Stock Exchange Alternative Investment Market listed, Alien Metals Ltd (Alien, AIM:UFO) for AUD 0.25 million in cash and AUD 1.98 million worth of Alien shares.
Alien is an exploration and mining project developer focussed on precious and base metal projects including the Hamersley Iron Ore Project, Elizabeth Hill Silver Project and the surrounding Munni Munni North exploration permit, all located within the Pilbara region of Western Australia, as well as two silver projects and a copper gold project in Mexico. Alienβs acquisition of the 30% interest in Munni Munni with create a platform to consolidate the Elizabeth Hill and Munni Munni districts which is prospective for precious and platinum group metals.
Alien completed a Β£4 million (A$7.4 million) capital raising in December 2021 and is very well funded to advance its various Western Australian projects.
Platina believes the value of its minority and non-operated interest in Munni Munni is not reflected in its market capitalisation and the sale provided a way of unlocking this value. This transaction will allow Platina shareholders to share in Munni Munniβs prospective value increase through its Alien shareholding while providing Platina with an injection of new funding to pursue its gold exploration activities in Western Australia.
The transaction will be subject to final due diligence, and regulatory approvals in Australia and London. The shares will be escrowed in three equal tranches for 3, 6 and 12 months. The transaction is expected to complete in February 2022.
There were no exploration activities on site during the quarter.
I think their Vwap is about 0.85 (approx. 125,000,000 shares)