Mawson Gold Limited announces Southern Cross Gold Ltd. (SXG) has announced it intends to acquire two residential holdings from arm’s length third parties and has also entered into a Share Swap Agreement to acquire 100% of the shares of Sparr Nominees Pty Ltd (“Sparr”). Sparr holds substantial agricultural properties in and around the Sunday Creek Project and approximately AUD$18.75m in cash.
SXG is acquiring the two residential holdings at a cash cost of AUD$1.9m. Consideration for 100% of the shares in Sparr is 22,088,670 ordinary shares of SXG. SXG has advised that the issue of these SXG shares does not require SXG shareholder approval. The current owner and seller of Sparr is Darren Morcombe, who post-closing of the transaction will become a substantial shareholder of SXG.
The purchase of the two residential properties and transactions contemplated in the Share Swap Agreement is subject to approval by the Treasurer of Australia (i.e. Foreign Investment Review Board (“FIRB”) approval). Subject to obtaining FIRB approval, SXG expects the acquisitions to complete around mid-November 2024.
Mawson currently owns 96,590,910 or 48.67% of issued SXG ordinary shares. Subject to successful completion of these acquisitions, Mawson is expected to own approximately 43.80% of the issued SXG ordinary shares.
Michael Hudson, Mawson Interim CEO and Executive Chairman, states: “These agreements secure multiple properties that directly surround the Sunday Creek Project together with significant cash. All are critical for securing future pathways for the Sunday Creek Project, which is developing into an expanding and significant global gold-antimony discovery.”
About Mawson Gold Limited (TSXV:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia. Mawson holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds 48.67% of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls two high-grade, historic epizonal goldfields in Victoria, Australia, including the exciting Sunday Creek Au-Sb discovery.
About Southern Cross Gold Ltd (ASX:SXG)
the 100%-owned Sunday Creek Project in Victoria and Mt Isa Project in Queensland, the Redcastle joint venture in Victoria, Australia, and a strategic 6.7% holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which grants SXG a Right of First Refusal over a 3,300 square kilometer tenement package held by NAG in Victoria.
On behalf of the Board, “Michael Hudson” Michael Hudson, Interim CEO and Executive Chairman
Forward-Looking Statement
This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, Mawson’s expectations regarding its ownership interest in Southern Cross Gold, capital and other costs varying significantly from estimates, changes in world metal markets, changes in equity markets, the potential impact of epidemics, pandemics or other public health crises on the Company’s business, risks related to negative publicity with respect to the Company or the mining industry in general; exploration potential being conceptual in nature, there being insufficient exploration to define a mineral resource on the Australian-projects owned by SXG, and uncertainty if further exploration will result in the determination of a mineral resource; planned drill programs and results varying from expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations, dealings with non-governmental organizations, delays in operations due to permit grants, environmental and safety risks, and other risks and uncertainties. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This article was published by: IT Mining
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