Financial Wire

AIC Mines Unit Signs Asset Swap Deal With Cooper Metals; Shares Up 3%

-- AIC Mines' (ASX:A1M) Demetallica Gold Mines subsidiary signed an asset swap agreement with Cooper Metals (ASX:CPM) for the sale of the Pyramid project in exchange for the Oorindi project in Queensland, according to a Tuesday filing with the Australian bourse.

Consideration involves the mutual transfer of all rights, title, and interests in the Pyramid and Oorindi projects, and the issue of 15 million shares in the capital of Cooper Metals to Demetallica Gold Mines, the filing said.

The deal also includes a deferred consideration of AU$250,000, contingent upon reaching a JORC inferred resource of at least 250,000 ounces of gold at a grade greater than 1 gram per tonne within five years of completion, per the filing.

AIC Mines shares rose more than 3% in morning trade on Tuesday, while Cooper Metals were up 20%.

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