Completion of Acquisition of Mulgabbie and Patricia Gold Projects
Perth, Nov 2, 2020 AEST (ABN Newswire) - OzAurum Resources Limited is pleased to announce that on 27 October 2020 its wholly owned subsidiary, OzAurum Mines Pty Ltd (OzAurum Mines), completed the acquisition of a 100% interest in the tenements and applications that comprise the Mulgabbie and Patricia gold projects in the eastern goldfields of Western Australia (Tenements) under a series of option agreements.
OzAurum Resources was able to successfully renegotiate the terms of the original option agreements so that, instead of acquiring an 80% interest in the Tenements, OzAurum Mines has acquired a 100% interest in the Tenements, giving it full control over the tenements.
The Company is the 100% owner of two long-held gold projects, Mulgabbie North and the Patricia Deposit, adjacent Saracen's (
ASX:SAR) Carosue Dam gold mine, and in a region more than 100 km north-east of Kalgoorlie- famous for greenfields exploration.
Other Notable Explorers in the Area include:
St Barbara (ASX:SBM)
Breaker Resources (ASX:BRB)
Apollo Consolidate (ASX:AOP)
Under the revised option agreements, OzAurum Resources:
- paid $250,000; and
- issued 6,500,000 fully paid ordinary shares (Consideration Shares) to the Tenement holders (Tenement Holders), in consideration for the remaining 20% of the tenements.
Following the issue of the Consideration Shares, the Tenement Holders now collectively hold 46,500,000 ordinary shares in the capital of OzAurum Resources, which equates to 69.9% of the total shares currently on issue.
In addition, the Company has signed a mandate with Canaccord Genuity Group Inc to lead manage the proposed Initial Public Offer of shares on the ASX. The acquisition of a 100% interest in the Mulgabbie and Patricia gold projects represents a significant milestone for the Company as it heads towards a potential listing on the Australian Stock Exchange (ASX).
See link to copy of AFR article released on Friday 30/10/2020:
https://abnnewswire.net/lnk/56L600Q3
About OzAurum Resources Limited
OzAurum Resources Ltd (ASX:OZM) is a Western Australian gold explorer with two advanced gold projects located 130 km north east of Kalgoorlie. The Company's main objective is to make a significant gold discovery that can be brought to production.
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