Redivium (ASX:RIL) disclosed a binding share sale agreement with Viridian Capital to divest Reed Exploration, the entity holding the Forrestania Project tenements.
Under the agreement, Viridian will pay $50,000 as a non-refundable deposit within five business days, followed by $350,000 at completion.
The transaction's completion hinges on certain conditions being met or waived, targeted for satisfaction by Jan. 16, 2025.
"The parties will endeavour to satisfy the conditions precedent in a timely manner," stated Jonathan Murray, Executive Chair of Redivium.
Additionally, Redivium has terminated its agreement with Classic Minerals regarding Forrestania's tenements.
Despite this, Classic retains an 80% beneficial interest in the gold rights through an existing joint venture.
Classic is required to sustain the tenements and reimburse Reed for relevant rates and rents, ensuring compliance with any requests from governmental agencies.
Redivium offers sustainable resource solutions. The principal activity of the company is the implementation of the European battery recycling strategy.
The company is engaged in licensing recognised battery recycling technology across the United Kingdom, the Nordics, and Central, South and East Europe.
At the time of reporting, Redivium's share price was $0.005.
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