Classic Minerals Limited entered into agreement to acquire Forrestania Project from Reed Exploration Pty Ltd for AUD 0.86 million.

Classic Minerals Limited (ASX:CLZ) entered into agreement to acquire Forrestania Project from Reed Exploration Pty Ltd for AUD 0.86 million on October 3, 2023. The consideration includes - AUD 0.05 million in cash as non-refundable deposit, AUD 0.2 million in cash payable at completion, issue of 500 million fully paid ordinary shares in Classic at completion and payment of approximately AUD 0.1 million as reimbursement for amounts paid by Reed on behalf of Classic for maintaining the FGP Tenements in good standing. The transaction is conditional on approval of Classic shareholders, the parties receiving any other third party approvals, regulatory consents or conditions required to give effect to the transactions.

The parties have agreed to satisfy the conditions precedent and complete the transaction by November 30, 2023. As of February 5, 2024, Parties involves in the transaction has extend the transaction completion date to April 30, 2024.