ASX-listed White Rock Minerals has inked a heads of agreement (HoA) with unlisted Atlas Resources to acquire the Red Mountain polymetallic volcanogenic massive sulphide (VMS) project, in Alaska.
Under the terms of the HoA, White Rock would issue Atlas ore than 63.8-illion shares and 6.3-million options, issuing 1.14 of its own shares for every Atlas share held, and 1.1 five-year option for every Atlas option, which was exercisable at 3.5c each.
