eMetals: Completes acquisition of Poona Project from Venus Metals
- eMetals (EMT) has completed the acquisition and settlement of the Poona Project from Venus Metals (VMC)
- On June 11, eMetals entered a binding sale and purchase heads of agreement to buy a full interest in one Poona tenement and 90 per cent in another
- The company will also pay Venus a royalty of 50 cents per tonne of ore extracted from tenement E20/896
- eMetals has already paid $160,000 to VMC, with future payments due based on the production performance at the project
- Interestingly, Poona and the surrounding area is largely unexplored for lithium and pegmatite mineralisation
- eMetals has dropped 14.3 per cent on the market and shares are trading for 1.2 cents each
