Caeneus has issued Poseidon with 100 million shares (notionally priced at A0.3c) after terminating a binding agreement last month due to its inability to raise the capital needed to fund the deal.
In the case of Pardoo, Caeneus has raised just over $100,000 (by placing 50 million shares at 0.2c) to begin a geophysical survey at the project, with the vendors to receive 750 million shares and 375 million options. A cash payment of $65,000 is also due as reimbursement for acquisition costs.
The deal will see the vendors, private company Port Exploration, end up with about 40% of Caeneus on a fully diluted basis.
Assuming all goes to plan, Caeneus can earn an 80% interest in Pardoo with expenditure of $500,000.
Pardoo was discovered by CRA in the early 1990s and was subsequently explored by ASX juniors Mithril and Segue.
It has a low grade inferred resource of 44.7 million tonnes grading 0.3% nickel and 0.13% copper.
Caeneus believes the source of the nickel and copper is derived from a large scale mafic-ultramafic intrusive complex immediately north of the deposit.
As well as aeromag, ground based gravity is planned in the short term.
Caeneus shares were unchanged at 0.3c in early trade.
