ASX-listed Gulf Manganese will acquire a 20% interest in privately-held Iron Fortune, an exploration company focused on Timor-Leste.
Under the terms of the agreement, Gulf would pay an initial A$100 000 for exclusivity, while conducting a due diligence. On the completion f the due diligence, Gulf would pay a further A$200 000 and issue A$100 000 worth of shares to secure its 20% interest in Iron Fortune.