- New Talisman Gold Mines (NTL) says it’s signed the final documents for the Broken Hills Gold Mine purchase
- Following negotiations between the two parties the final purchase price for the asset is NZ$750,000 (A$722,000)
- However, the deal will not be completed until it is granted required approvals by December 31
- On the market close for Monday, New Talisman was up 100 per cent and trading at 0.2 cents per share
New Talisman Gold Mines (NTL) has signed the final documents for the Broken Hills Gold Mine purchase.
Earlier this year, the company signed a binding term sheet for Broken Hill, located near Tairua on the Coromandel Peninsula, New Zealand.
Broken Hills Gold Mine is a private underground gold mine, owned by the Rabone family for over 21 years.
NTL said the initial value of the project was roughly NZ$3 million (A$2.8 million).
Following negotiations the final purchase price for the asset is NZ$750,000 (A$722,000), which includes NZ$350,000 (A$337,000) cash and NZ$400,000 (A$385,000) shares.
However, the deal will not be completed until it is granted required approvals by December 31, 2021.
The company said the Broken Hills project includes a small development footprint and significant exploration opportunity.
“Now that the final acquisition agreements are complete the plant and equipment acquired from Broken Hills will be transferred to New Talisman and transported to the industrial site for which a commercial lease agreement is being finalised,” NTL said.
On the market close for Monday, New Talisman was up 100 per cent and trading at 0.2 cents per share.