Benz completes acquisition of WA gold projects
TSX-V- and ASX-listed Benz Mining on Tuesday completed the acquisition of the Glenburgh and Mt Egerton gold projects in the Gascoyne region of Western Australia from ASX-listed Spartan Resources.
The acquisition, first announced in November, marked an “exciting new chapter” for Benz Mining, said executive chairperson Evan Cranston.
“These projects are located in a highly prospective and underexplored gold region, and we look forward to unlocking their full potential with our planned drilling programmes. Our team is eager to update the market on our progress as we advance exploration and development in the coming months,” said Cranston.
Consideration for the acquisition consisted of an upfront cash payment of A$500 000 and the issue of 33-million fully paid CHESS Depository Interests (CDIs) in Benz to Spartan.
A deferred consideration comprises an additional A$500 000 cash payment on the first anniversary after completion of the acquisition, and an additional up to A$6-million in cash of CDIs, subject to certain milestones.
Spartan’s general manager, Nick Jolly, has joined the Benz board as a nominee director.
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