SXG Receives FIRB Approval To Acquire Land
Rhea-AI Summary
Mawson Gold (MWSNF) announces that Southern Cross Gold (SXG) has received FIRB approval to acquire Sparr Nominees Pty through a Share Swap Agreement. The acquisition includes 921.22 hectares of agricultural properties and approximately AUD$18.75 million in cash. The deal involves issuing 22,088,670 SXG shares for 100% of Sparr's shares.
SXG currently owns 133.29 hectares of freehold land at the Sunday Creek Project. This acquisition will increase SXG's total landholding to 1,054.51 hectares. The transaction is expected to complete in the coming days and is considered critical for securing future pathways for the Sunday Creek project, which is developing as a significant gold-antimony discovery.
Positive
- Acquisition includes AUD$18.75 million in cash
- Significant land expansion from 133.29 to 1,054.51 hectares
- Strategic expansion around the Sunday Creek gold-antimony project
- FIRB regulatory approval obtained
Negative
- Share dilution through issuance of 22,088,670 new SXG shares
News Market Reaction 1 Alert
On the day this news was published, MWSNF declined 9.26%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / December 16, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) announces Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") has received approval from the Australian Treasurer, through the Foreign Investment Review Board ("FIRB"), to complete an arm's length Share Swap Agreement to acquire all shares in Sparr Nominees Pty Ltd ("Sparr"), as previously announced on October 4, 2024.
Sparr owns substantial agricultural properties totalling 921.22 hectares and holds approximately AUD
SXG currently owns 133.29 hectares of freehold land comprising the key portion of the main drilled area at the Sunday Creek Project. With this acquisition, SXG's total landholding in the area will increase to 1,054.51 hectares (2,605.8 acres).
Michael Hudson, Interim CEO and Chairman of Mawson, commented: " These agreements secure freehold land that directly surrounds the Sunday Creek project together with significant cash. All are critical for securing future pathways for the Sunday Creek project, which is developing into an expanding and significant global gold-antimony discovery. "
About Mawson Gold Limited (TSXV:MAW)(FRANKFURT:MXR)(OTC PINK:MWSNF)
Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia. Mawson holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds
About Southern Cross Gold Ltd (ASX:SXG)
Southern Cross Gold holds the
On behalf of the Board, "Michael Hudson" Michael Hudson, Interim CEO and Executive Chairman | Further Information |
Forward-Looking Statement
This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, Mawson's expectations regarding its ownership interest in Southern Cross Gold, capital and other costs varying significantly from estimates, changes in world metal markets, changes in equity markets, the potential impact of epidemics, pandemics or other public health crises on the Company's business, risks related to negative publicity with respect to the Company or the mining industry in general; exploration potential being conceptual in nature, there being insufficient exploration to define a mineral resource on the Australian-projects owned by SXG, and uncertainty if further exploration will result in the determination of a mineral resource; planned drill programs and results varying from expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations, dealings with non-governmental organizations, delays in operations due to permit grants, environmental and safety risks, and other risks and uncertainties. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Mawson Gold Limited
View the original press release on accesswire.com
FAQ
What is the value of cash assets included in MWSNF's Sparr acquisition?
How many hectares of land will MWSNF control after the Sparr acquisition?
How many shares will SXG issue for the Sparr acquisition?
When did MWSNF receive FIRB approval for the Sparr acquisition?
What strategic assets are included in MWSNF's Sparr acquisition?
