- Victory Mines (VIC) has entered an agreement to acquire the remaining 90 per cent interest in the Coogee Gold Project from Ramelius Resources (RMS)
- The acquisition will be settled through the issue of $1 million worth of shares, priced at the five-day volume-weighted average price
- Additionally, both companies will need to receive any other required regulatory or third-party approvals
- If these conditions are not met in three months, then Victory may terminate the acquisition in writing to Ramelius
- Victory is currently up a steady 16.7 per cent on the market with shares trading for 0.4 cents each
Victory Mines (VIC) has entered an agreement to acquire the remaining 90 per cent interest in the Coogee Gold Project from Ramelius Resources (RMS).
Coogee lies roughly 55 kilometres southeast of Kalgoorlie in Western Australia and consists of four tenements that cover 17 square kilometres.
It currently has a JORC 2012 mineral resource estimate of 96,000 tonnes at 3.4g/t for 10,600 ounces of gold.
Ramelius undertook gold mining at Coogee in 2013 when 20,400 ounces of gold was produced at an average grade of 4.7g/t gold.
The acquisition will be settled through the issue of $1 million worth of shares, calculated at the five-day volume-weighted average price.
Additionally, the acquisition will be settled on Victory receiving consent for the transfer of mining lease ML26/477, and both companies receiving regulatory and third-party approvals.
If these conditions are not met in three months, then Victory may terminate the acquisition in writing to Ramelius.
“The acquisition of the remaining 90 per cent of the Coogee Gold Project represents a significant step for the company,” Executive Director Matthew Blake said.
“On completion, we look forward to welcoming Ramelius Resources as a shareholder of Victory Mines,” he added.
Upon completion, Victory will own 100 per cent of the Coogee Gold Project.
Victory is up a steady 16.7 per cent on the market with shares trading for 0.4 cents each at 11:27 am AEDT.