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Greatland Gold PLC - London-based development and exploration company, specialising in one-tier gold and copper deposits in Australia - Says divestment of Firetower and Warrentina tenements in Tasmania will formally complete on or around this Friday. Company agreed to sell tenements to Flynn Gold Ltd for an initial consideration of A$200,000, or around £106,344, via the issue of 2.0 million shares in Flynn Gold at A$0.10 per share. Purchase also includes deferred consideration of A$500,000 upon definition of at least 500,000 ounces of gold within one or both tenements; a further A$500,000 upon issues of a mining permit for any part of the tenements; and a 1% net smelter royalty payable to Greatland from any production from the tenements. Greatland Managing Director Shaun Day says: ‘This transaction provides for Greatland to realise immediate value from these tenements which are outside of our core focus locations while maintaining ongoing exposure to the upside potential of this prospective ground. This is a particularly pleasing outcome at a time that Greatland is accelerating its exploration efforts within the Paterson Province.’ Current stock price: 7.63 pence, down 1.9% in London on Monday 12-month change: down 37% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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