Rincon Resources sells 90% of Lyza Mining to Maverick
Rincon Resources has agreed to sell 90% of its interest in Lyza Mining to Maverick Minerals Australia for an upfront payment of $413,615.
The deal includes $100,000 in cash and $500,000 in Maverick shares, with a further $500,000 payable in two tranches.
The joint venture will allow Rincon to maintain a 10% interest in the project, with the option to buy back shares if certain conditions are not met.
The agreement is subject to customary conditions and is expected to be finalized within two months.