ASX-listed Apollo Minerals has sold two exploration licenses, which are part of its Belgrade copper project in Serbia, to Bindi Metals.
The two license properties in question are Donja Mutnica and Lisa, which were sold for A$200 000 in cash and 1 million fully paid ordinary shares in Bindi. Meanwhile, Apollo will also receive a deferred consideration in a form of A$200 000 in cash and 2.5 million fully paid ordinary shares in Bindi upon the grant and transfer of Lisa prospective license.
Apollo plans to focus on its two remaining exploration spots in the same project - Studena and Kopajska Reka.
“This is an accretive deal for both Apollo Minerals and Bindi,” said Apollo’s managing director Neil Inwood.
“We look forward to assisting Bindi as it makes an entry into the exciting jurisdiction of Serbia,”.
The Belgrade Copper Project consists of four licences covering 202 sq. km which are located in eastern Serbia within the Ridanj-Krepoljin metallogenic zone. The Studena, Donja Mutnica and Kopaska Reka prospects are located west from the well-known Bor metallogenic region that hosts world class copper porphyry deposits, while the Lisa prospect is located in the western portion of Serbia as part of the Golija ore district.
Theodor Lisovoy, Managing Editor, Rough&Polished
