American Tungsten completes Nexus acquisition for Pinnacle MOU
Key points
- American Tungsten & Antimony completed its acquisition of Nexus Metals, satisfying a critical condition for its tungsten processing agreement with Pinnacle Minerals.
- Pinnacle Minerals' share price was unchanged at $0.05 following the update.
- The transaction advances potential toll treatment and off-take arrangements for Pinnacle’s prospective Utah projects.
Pinnacle Minerals (ASX:PIM) announced that American Tungsten & Antimony (ASX:AT4) completed its acquisition of Nexus Metals, which now operates as a wholly owned subsidiary.
The completion satisfies a key condition under a non-binding memorandum of understanding between the parties after Nexus secured rights to the permitted Del Sol antimony refinery in Nevada.
"We welcome the news of the completion of AT4’s acquisition of Nexus Metals and of Nexus’s acquisition of the Del Sol Facility,” said Pinnacle Minerals Managing Director and CEO William Witham.
Nexus is studying the addition of a tungsten processing circuit to the Nevada facility to support future material from the Utah mineral projects.
Following the announcement, the Pinnacle Minerals share price was unchanged at $0.045.
Under a related agreement, American Tungsten maintains an unchanged $412,066 subscription in a $1.3 million placement that gives it a 5.01% stake in Pinnacle.
Pinnacle's acquisition of APT Tungsten and the associated placement remain subject to shareholder approval at its annual general meeting on Nov. 30.
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