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CYU Managing Director Jason Beckton said, "No modern geophysical work has been completed at Sulfates, and this is a logical next step forward.
CYU is an ASX-listed Australian company that explores for and develops minerals in Australia, Chile and Laos.
CYU will receive a further 250,000 HMX shares which will be held in voluntary escrow on the same conditions as the first stage of shares, until November 2017.
The Mount Isa office premises of CYU were also closed in February 2017.
These funds are intended to be utilised primarily towards costs such as: due diligence in respect of opportunities CYU is looking to pursue and related expenses; project-related acquisition costs and fees that may be payable upon securing an opportunity, depending on the nature of the acquisition terms that are negotiated; administration costs; and general working capital.
CYU has decided that it is unreasonable to make an Offer to Shareholders with registered addresses outside Australia and New Zealand having regard to the number of Shareholders in those places, the number and value of the New Shares they would be offered and the cost of complying with the legal and regulatory requirements in those places.