11th Jan 2021 13:17
IronRidge Resources Ltd - Australia-based minerals exploration company - Completes sale of non-core May Queen gold project, located in South East Queensland, to Australasian Gold Ltd. This allows IronRidge to stay focused on its core African portfolio. Will receive 4.5 million shares, representing 28% of Australasian Gold's enlarged share capital. IronRidge will invest AUD100,000, around GBP57,000, at 10 Australian cents per share to give Australasian Gold additional working capital. IronRidge will this hold an initial 5.5 million Australasian Gold shares, representing a 32% stake in the enlarge capital on completion of the deal. Ironrdige says is "maintains both top-up rights as well as the option of a future seat" on the Australasian Gold board.
IronRidge Chief Executive Vincent Mascolo: "We are pleased to be partnering with [Australasian Gold] on the divestment of our non-core May Queen gold project in South East Queensland, Australia. The divestment provides IronRidge with significant project upside through exploration success, to be led by AGL, whilst allowing the company to intensify capital focus and managerial momentum on our core suite of gold and lithium assets in Africa."
Current stock price: 14.15 pence
Year-to-date change: up 13%
By Anna Farley; [email protected]
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