Southern Cross Gold (SXG) has made a series of key land acquisitions on properties directly surrounding its prospective Sunday Creek gold-antimony project in Victoria.
The gold explorer has struck a deal to acquire two residential holdings from arm’s length third parties for $1.9 million and has also entered into a share swap agreement to acquire all shares in Sparr Nominees.
The deal with Sparr will see SXG obtain ‘substantial’ agricultural properties and around $18.75 million in cash.
“These agreements secure multiple properties that directly surround the Sunday Creek project together with significant cash,” SXG managing director Michael Hudson said.
“All are critical for securing future pathways for the Sunday Creek project, which is developing into an expanding and significant global gold-antimony discovery.”
Consideration for 100 per cent of the shares in Sparr is 22,088,670 shares of SXG, the issue of which does not require SXG shareholder approval.
The current owner and seller of Sparr is Darren Morcombe, who post-closing of the transaction will become a substantial shareholder of SXG.
The purchase of the two residential properties and share swap agreement is subject to approval by the Treasurer of Australia through the Foreign Investment Review Board (FIRB).
Subject to obtaining FIRB approval, the acquisitions are expected to complete around mid-November 2024.
SXG recently discovered a new and large gold-antimony deposit below a historic gold mine part of Sunday Creek.
As one of Australia’s most significant gold-antimony exploration projects, Sunday Creek is well on the way to becoming Victoria’s next gold producer.
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