- White Cliff Minerals (WCN) has inked a deal for the conditional sale of its Merolia Gold Project in Laverton to Panther Metals
- Panther will pay approximately $274,000 in cash and shares for the WA project, as well as $1.25 per ounce of gold resource declared within the project area
- Non-Executive Chairman Michael Soucik said the company is divesting the asset to focus on the Reedy South and the Midas projects
- Given all conditions are met, the company expects the transaction to be completed in mid-December
- Shares have been up 3.1 per cent at 3.3 cents
White Cliff Minerals (WCN) has inked a deal for the conditional sale of its Merolia Gold Project in Laverton to Panther Metals.
Panther will pay a total consideration of approximately $274,000, comprising $112,500 cash and 734,470 Panther shares.
Additionally, Panther will pay $1.25 per ounce of gold resource declared within the project area.
Non-Executive Chairman Michael Soucik said the company is divesting the project to focus on its core assets.
“While the project has historical, high-grade gold results and a lot of potential to delineate a future maiden resource, the board considers that it is non-core to the company’s future direction which centres around the Reedy South Gold Project and the Midas copper-gold project,” Michael stated.
“The transaction with Panther Metals provides the company with ongoing exposure to the project in the form of future cash payment on all gold resource ounces being declared,” he continued.
Given all conditions are met, including satisfactory completion of due diligence and the granting of all necessary approvals, White Cliff expects the transaction to be completed in mid-December.
Shares have been up 3.1 per cent at 3.3 cents.