The sale is for all 200,000 shares in SGZ France for an initial payment of
The sale is conditional on acknowledgement from the Minerals Resources Officer of the Ministry for Economy and Finance of
In addition to Vendrennes, SGZ France also holds applications for the exploration licences of Penlan and Olivet. If the Penlan licence is granted to the subsidiary, Ikigai must offer it to Scotgold Resources for
"We are delighted to have sold our French subsidiary on the terms offered. 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," said Chief Executive Officer Richard Gray.
Shares in Scotgold Resources were up 1.2% at
