Spartan Resources Limited (ASX: SPR) Completes Sale of Gold Projects
Sale Completion
Spartan Resources Limited (ASX: SPR) has finalised the sale of its non-core Glenburgh and Egerton Gold Projects in Western Australia to Benz Mining Corp. The transaction includes a gross consideration of A$1.0 million in cash, 33 million Benz CHESS Depository Instruments, and up to an additional A$6.0 million in contingent payments.
Transaction Details
The cash component consists of A$0.5 million paid upon completion and an additional A$0.5 million payable 12 months later. The contingent payments will be released in three tranches linked to Benz declaring a Mineral Resource Estimate for the projects.
Executive Comments
Spartan Executive Chairman Simon Lawson expressed satisfaction with completing the sale, stating, “We are pleased to have completed the sale of the Glenburgh and Egerton Projects to Benz to give these assets a reinvigorated life.” Lawson further noted the projects’ potential for high-grade underground ounces as Benz prepares for its exploration campaign. Nick Jolly has been nominated as Spartan’s representative on Benz’s Board.
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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