S2 to sell Finland assets, providing cash for Australian exploration
Exploration company S2 Resources has signed a letter of intent to sell its Finland assets to Vancouver-based Outback Goldfields for C$7-million in cash and shares.
The proposed transaction will provide S2 with C$1.5-million in cash to supplement its existing treasury and C$5.5-million of shares in Outback.
Outback plans to undertake a nonbrokered private placement to raise C$5-million as an integral condition of the transaction in order to position itself to explore S2’s prospective land holding in the Central Lapland Greenstone Belt (CLGB) of northern Finland.
Depending on the exact pricing and size of the offering, S2 will own between 35% and 45% of Outback on conclusion of the financing, thereby maintaining material exposure to the exploration upside of CLGB, while being able to focus on its Australian exploration activities.
As part of the transaction, S2 will have an exclusive option to earn majority interests in Outback’s four Victorian gold projects. These properties augment S2’s Greater Fosterville project, which surrounds Agnico Eagle’s Fosterville gold mine.
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