Venus Metals Corporation subsidiary Redscope Enterprises will increase its net smelter royalty from the Youanmi Gold Mining leases to one per cent after signing a deal with St Claire Resources.
Redscope currently holds a 0.7 per cent net smelter royalty for the Youanmi leases that will increase to one per cent following the completion of the deal with St Clair handing over its 0.3 per cent share.
In return, Venus has paid a $50,000 deposit to St Clair and will hand over $450,000 in addition to issuing three million fully paid ordinary shares at a deemed price of 18 cents per share once the agreement is finalised.