Nubian Resources Ltd announced that it has completed its acquisition of a 60 per cent interest in the Yandoit Gold Project, situated in the historic Daylesford gold corridor of central Victoria, Australia.
The Project consists of approximately 38 square kilometre (3,800 ha) of property interest held under one Mining Licence and two Exploration Licences, containing six historic gold mines.
In connection with the acquisition, the Company’s wholly-owned subsidiary Blackwood Prospecting Pty Ltd (“Blackwood”), paid Ballarat Investment Management Pty Ltd (“BIPM”), the owners of the Project, A$370,000 (C$X) and issued 4,695,093 common shares in the capital of the Company at a deemed price of C$0.15 per share.
The common shares issued are subject to the statutory four month hold period in accordance with securities laws.
In connection with closing, the Company also issued a promissory note that provides for the payment by the Company of the consideration to acquire the remaining 40% of the Project within 18 months of closing, or the return of 35% of the shares of BIPM, reducing the Company’s ownership in BIPM to 25%, in the event the Company does not wish to proceed with the acquisition of 100% of the Project.
The Company also entered into a shareholders’ agreement with respect to the ownership of the shares of BIPM and the governance of BIPM. Both agreements are more fully described in the Company’s press release of October 27, 2020.
Nubian Resources Ltd. is a public traded precious and base metals exploration company listed on the TSX Venture Exchange. The Company is managed by a team of experienced mining and geological professionals.
Nubian’s main asset is the Esquilache Silver-Zinc Project located within the Tintaya porphyry copper belt of southern Peru. In May 2020, Nubian entered into an agreement to acquire and develop the Yandoit Gold Project in central Victoria, Australia. – BusinessNewsAsia.com