MRC Settles Dispute, Acquires 100% Ownership of Munglinup Graphite Project

Mineral Commodities Limited  (ASX: MRC) has executed a non-binding term sheet to settle a dispute with its joint venture partner, Gold Terrace, and acquire the remaining 49% interest in the Munglinup Graphite Project. Upon completion of the transaction via a formal agreement, MRC will become the 100% owner of the Munglinup project. The total consideration for the 49% interest is AU$7.5 million, payable in three tranches. Completion of the formal agreement is subject to standard conditions precedent, and MRC is negotiating to obtain funding to finance the transaction.

MRC has reached an in-principle agreement with joint venture partner Gold Terrace to settle a dispute and acquire the remaining 49% interest in the Munglinup Graphite Project for AU$7.5 million, payable in three tranches. Upon completion, MRC will become the 100% owner of the project, subject to standard conditions precedent including regulatory approvals and the withdrawal of certain caveats. The formal agreement is expected to include these key terms, and the joint venture agreement between the parties will terminate upon completion.

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