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Athena Resources (ASX:AHN) will punt the Byro iron ore project that is located 310 kilometres from the Port of Geraldton to a Hong Kong based company. A binding term sheet has been signed with Brilliant Glory Industrial Corporation to acquire the project via a A$1 million placement of Athena shares and a consideration of A$20 million. Byro is located in the midwest of Western Australia and has high grade magnetite.
Athena Resources will issue shares to Brilliant Glory Industrial to raise $1 million, giving Brilliant the right to purchase the Byro project for $20 million.