Greatland Gold PLC - London-based development and exploration company, specialising in one-tier gold and copper deposits in Australia - Says divestment of Firetower and Warrentina tenements in Tasmania will formally complete on or around this Friday. Company agreed to sell tenements to Flynn Gold Ltd for an initial consideration of AUD200,000, or around GBP106,344, via the issue of 2.0 million shares in Flynn Gold at AUD0.10 per share. Purchase also includes deferred consideration of AUD500,000 upon definition of at least 500,000 ounces of gold within one or both tenements; a further AUD500,000 upon issues of a mining permit for any part of the tenements; and a 1% net smelter royalty payable to Greatland from any production from the tenements.
Greatland Managing Director Shaun Day says: "This transaction provides for Greatland to realise immediate value from these tenements which are outside of our core focus locations while maintaining ongoing exposure to the upside potential of this prospective ground. This is a particularly pleasing outcome at a time that Greatland is accelerating its exploration efforts within the Paterson Province."
Current stock price: 7.63 pence, down 1.9% in London on Monday
12-month change: down 37%
By Emma Curzon, Alliance News reporter
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Greatland Gold (GGP)