Intra Energy Corporation Limited entered a binding agreement to acquire 70% stake in Licence Application E70/5464 from Century Minerals.

Intra Energy Corporation Limited (ASX:IEC) entered a binding agreement to acquire 70% stake in License Application E70/5464 from Century Minerals on January 28, 2022. IEC will make the payment of AUD 50,000 to Century Minerals; the issue by IEC of 40,000,000 performance shares which each convert to one, fully paid share in the capital of IEC to Century Minerals (performance shares); the issue by IEC of 20,000,000 shares to Century Minerals (IEC Shares) subject to the terms of a voluntary escrow deed; and IEC committing to a minimum in-ground expenditure of AUD 600,000 within 2 years of grant of the Tenement. The transaction is subject to the Mining Act.

As on June 15, 2022, Intra Energy Corporation has issued 20 million shares to Century Minerals. Century Minerals is the registered holder of exploration license E70/5464.