EMC Metals (TSX:EMC) has made an open and unsolicited offer to Jervois Mining to acquire 100% of the Nyngan Scandium Project and settle the outstanding litigation and dispute.
As quoted in the press release:
The financial terms of the Offer are as follows:
1. A$1.3M in cash, due and payable within (the latter of) 6 months or satisfaction of the conditions set out below, and
2. A$45/kg production royalty payable on the first 150,000 kg of scandium oxide produced and sold from the Nyngan project.
The Offer is conditional on receipt of any approvals required by law, which may include Jervois shareholder approval and FIRB approval, and also on Jervois retaining and protecting the various exploration licenses and project assets until completion.