M&A

IGO attracted to Venus and its ground next door to Greenbushes

IGO has farmed into Venus Metal Corp's ground near its Greenbushes joint venture lithium operation in Western Australia and tipped nearly A$2.1 million into the junior's coffers at a sizeable premium to recent share price trading levels.

 IGO, Tianqi's Greenbushes operation

IGO, Tianqi's Greenbushes operation

IGO is paying 23c per share for nine million VMC shares, with the stock closing Friday at 18c.

VMC had $4.4 million cash at the start of the June quarter.

Meanwhile, IGO can progressively earn up to 70% by spending $6 million on VMC's Bridgetown-Greenbushes tenure.

In addition, if it completes a prefeasibility study the miner has the right to acquire the balance at "fair market value".

VMC's portfolio also includes a 30% interest in the emerging Youanmi gold play being worked-up by Rox Resources.

Shares in VMC were up 10% to 20c in morning trade, capitalising the company at about $30 million.

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