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G11 RESOURCES LIMITED — Capital/Financing Update 2018
Nov 11, 2018
64956_rns_2018-11-11_8e0d62ef-3a1b-4c32-a36d-0b38e4751674.pdf
Capital/Financing Update
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ASX Announcement
Monday, 12 November 2018
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ASX: ODM
MOHO EARN IN AGREEMENT
Board of Directors
Jason Bontempo Executive Director
Aaron Bertolatti Director & Co Secretary
Justin Tremain Non-Executive Director
35 Richardson Street West Perth WA 6005
E: [email protected] W: www.odinmetals.com.au
Odin Metals Limited (ASX: ODM) (“Odin”) refers to the Moho Resources Ltd (“Moho”) announcement released on Thursday, 8 November 2018 which noted that Moho had satisfied the stage 1 and stage 2 earn-in requirements under the farm-in joint venture agreement with Odin and had subsequently earned a 51% interest in the tenements M27/263 and M27/345.
Following release of the announcement, Odin contacted Moho seeking to verify whether Moho had done sufficient work to earn an interest in the M27/263 and E27/345 tenements at Silver Swan North, as part of a standard and prudent process.
The farm-in agreement provides that in order for Moho to earn the stage 1 (25%) and stage 2 (51%) interest, Moho must provide Odin with evidence verifying that Moho has satisfied the stage 1 and stage 2 earn-in requirements. Upon providing such evidence, Moho will be taken to have acquired a legal and beneficial interest in the tenements.
Moho believes that it is satisfied that sufficient evidence has been provided to Odin and that, per the terms of the farm-in agreement, Moho is deemed to have acquired a 51% legal and beneficial interest in the tenements. Moho has also advised Odin of its intention to progress to stage 3 of the earn-in, in order to earn a 70% (total) interest in the tenements.
Odin remains in discussion with Moho with respect to the formal transfer of the 51% interest in the tenements and will continue to keep the market informed of any developments.
Yours faithfully
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Jason Bontempo Director Odin Metals Limited
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