Magnum Mining to acquire Appalachian Iron; Shares up on ASX

Magnum Mining and Exploration Limited (ASX: MGU) announced that it has entered into a binding share purchase agreement with Mr. Neil Goodman (Vendor), the CEO of the Company, to acquire 100% of the issued capital of Appalachian Iron Inc.

In consideration for the Acquisition, MGU will issue 30,000,000 performance shares to Mr Goodman.

The Company highlighted that the acquisition of Appalachian Iron can add further value to Magnum due to the transaction being based on performance shares that only vest when milestones are met. Also, the acquisition will provide Magnum with right to enter into a formal license arrangement for use of HIsmelt technology and progress Appalachian Iron’s other interests.

At AEDT 12:18 PM, MGU shares are trading at AU$0.038, up 5.555% from its previous close. 

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