JOHANNESBURG (miningweekly.com) – Aim-listed Scotgold has sold the subsidiary that holds its exploration licence in Vendrennes, France, to focus its effort on the Cononish gold project, in Scotland.
The subsidiary, SGZ France, also has applications pending for exploration licences for Penlan and Olivet.
Scotgold will sell SGZ France to Ikigai for €100 000 in cash and further deferred cash payments of up to €900 000 conditional upon completion of certain milestones by the purchaser, related to the development of any of the licences.
The sale is conditional upon approval from the Mineral Resources Office of the Ministry for Economy and Finance of France.
" We strongly believe in the potential value of the assets; however, given our current focus on the Cononish project with its exciting developments and the recently announced planning permission, we are pleased to have attracted a purchaser who can progress the French licences, making the sale mutually beneficial,” commented Scotgold CEO Richard Gray.
He added that Scotgold retained the opportunity to acquire the Penlan licence if it became available.