Astral Resources secures rights for $3 million

• Astral Resources signed a binding agreement with Estrella Resources to acquire 100% of its Spargoville Nickel Rights.
• Astral will issue 20,000,000 consideration shares to Estrella at a deemed price of $0.15 per share for a total consideration of $3 million.
• The deal removes third-party rights over tenure that is potentially critical to the development footprint of the Mandilla Gold Project.

Astral Resources (ASX:AAR) entered into a formal binding agreement with Estrella Resources (ASX:ESR) to acquire 100% of its Spargoville Nickel Rights for $3 million.

The transaction clears third-party rights over tenure covering the broader Mandilla Gold Project development footprint.

"The transaction with Estrella is further testament to the ongoing commitment of the Astral team to improve Astral’s permitting, approvals pathways and ultimately, project financing," said Astral Resources Managing Director Marc Ducler.

Completion of the deal remains subject to the satisfaction or waiver of certain conditions and is scheduled for completion by or on Oct. 12.

Following the announcement, the Astral Resources share price was unchanged at $0.18.

Astral stated that acquiring these rights helps secure key land positions required for its planned infrastructure and processing facilities.