OD6 Metals Limited (ASX:OD6) Completes Gulf Creek Acquisition
Acquisition of Gulf Creek Copper Project
OD6 Metals Limited (ASX:OD6) has announced the completion of its acquisition of the Historic Gulf Creek Copper Project, a premium volcanogenic massive sulphide (VMS) deposit situated near Barraba, New South Wales. The transaction marks a significant development in OD6’s expansion within Australia’s critical minerals sector.
Financial Details
The company fulfilled the outlined conditions for acquisition by issuing 6,000,000 fully paid ordinary shares, subjected to a 12-month escrow, and transferring $150,000 in cash. Additionally, a reimbursement of $48,000 was made for the environmental bond, now under the ownership of Gulf Creek Copper Pty Ltd, a wholly owned subsidiary of OD6.
Deferred Milestone Consideration
Following the acquisition, the company will fulfill a deferred milestone condition. Subject to shareholder approval, OD6 may issue shares valued at $200,000 based on the volume-weighted average price of OD6 shares over a ten-day trading period. Alternatively, if approval is not granted, a cash payment of $200,000 will be made to the seller within five business days of the relevant shareholder meeting.
Comments from Management
OD6 Managing Director Brett Hazelden expressed pride in the acquisition, stating, “This project represents a significant opportunity to leverage advanced exploration technologies and unlock the value of a historically significant copper mine.”
Motley Fool contributor Abbie Stokes 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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