Nubian Resources closes acquisition of Yandoit project
2020-11-27 11:17 ET – News Release
Mr. Martin Walter reports
NUBIAN COMPLETES ACQUISITION OF YANDOIT ADVANCED GOLD PROJECT IN VICTORIA, AUSTRALIA
Nubian Resources Ltd., further to its press release of Nov. 23, 2020, has completed its acquisition of a 60-per-cent interest in the Yandoit gold project, situated in the historic Daylesford gold corridor of central Victoria, Australia. The project consists of approximately 38 square kilometres (3,800 hectares) of property interest held under one mining licence and two exploration licences, containing six historic gold mines. In connection with the acquisition, the company’s wholly owned subsidiary, Blackwood Prospecting Pty Ltd., paid Ballarat Investment Management PTY Ltd., the owners of the Project, $370,000 (Australian) and issued 4,695,093 common shares in the capital of the company at a deemed price of 15 cents per share. The common shares issued are subject to the statutory four-month hold period in accordance with securities laws.
In connection with closing, the company also issued a promissory note that provides for the payment by the company of the consideration to acquire the remaining 40 per cent of the project within 18 months of closing, or the return of 35 per cent of the shares of BIPM, reducing the company’s ownership in BIPM to 25 per cent, in the event the company does not wish to proceed with the acquisition of 100 per cent of the project. The company also entered into a shareholders’ agreement with respect to the ownership of the shares of BIPM and the governance of BIPM. Both agreements are more fully described in the company’s press release of Oct. 27, 2020.
About Nubian Resources Ltd.
Nubian Resources is a publicly traded precious and base metals exploration company listed on the TSX Venture Exchange. The company is managed by a team of experienced mining and geological professionals. Nubian’s main asset is the Esquilache silver-zinc project located within the Tintaya porphyry copper belt of southern Peru. In May, 2020, Nubian entered into an agreement to acquire and develop the Yandoit gold project in central Victoria, Australia.
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