Southern Cross Gold Ltd (ASX:SXG) Gains FIRB Approval for Land Acquisition
Approval Granted
Southern Cross Gold Ltd (ASX:SXG) has received approval from the Australian Treasurer via the Foreign Investment Review Board (FIRB). This approval allows SXG to proceed with a Share Swap Agreement to acquire all shares of Sparr Nominees Pty Ltd (Sparr).
Sparr owns extensive agricultural properties, totalling 921.22 hectares, and holds approximately A$18.75 million in cash. The acquisition involves the issuance of 22,088,670 SXG shares in exchange for 100% of Sparr’s shares. The completion of this transaction is expected to occur shortly.
Strengthening Landholdings
SXG currently possesses 133.29 hectares of freehold land at the Sunday Creek Project. Following the acquisition, its total landholdings in the area will increase to 1,054.51 hectares (2,605.8 acres).
Michael Hudson, Managing Director of SXG, stated, “These agreements secure freehold land that directly surrounds 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.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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