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Golden Mile to sell noncore assets

7th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Golden Mile Resources on Thursday told shareholders that it had struck a binding conditional agreement with unlisted Sundaland Resources to divest of its Darlot and Gidgee projects, in Western Australia.

Under the terms of the agreement, Sundaland would acquire the projects in return for an A$80 000 cash payment, of which A$15 000 has been paid on the execution of the agreement.

The balance will become payable on either Sundaland’s admission to the ASX, or its sole election on or before the end of June 2020.

Sundaland will also issue Golden Mine one-million of its own shares, at a deemed price of 10c each, along with 750 000 options, exercisable at 30c each with an expiry date of three years from settlement.

The divestment of the noncore Darlot and Gidgee assets were subject to a number of conditions, including the completion of a due diligence, and regulatory and shareholder approval.

Darlot comprises a single exploration licence and is adjacent to the Darlot gold mine, owned by ASX-listed Red 5, while the Gidgee project consists of two exploration licences prospective for gold and base metal mineralisation.

Edited by Creamer Media Reporter

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