Sipa Resources (ASX: SRI) has made a strategic move with the proposed acquisition of four advanced gold exploration projects in South Australia and Western Australia.
Under binding heads of agreement, Sipa will acquire gold deposits totalling nearly a million ounces as well as associated infrastructure.
To help fund the deal, Sipa is raising $1.75 million via a two tranche placement.
The company is also strengthening its board and shareholder register with the appointment of former Core Lithium (ASX: CXO) managing director Stephen Biggins, who will also become Sipa’s largest shareholder.
The key assets Sipa will be adding to its portfolio are the Tunkillia North, Nuckulla Hill and Skye projects in SA, along with the Crown project in WA.
The SA tenements are adjacent to Barton Gold’s (ASX: BGD) (OTCQB: BGDFF) 1.5Moz Tunkillia gold deposit and the Challenger gold mill.
“These projects are highly prospective, located in proven geological terrains and close to infrastructure,” Syrah managing director Andrew Muir said.
“This landmark acquisition enables Sipa to significantly ramp up our exploration efforts and diversify our existing portfolio to facilitate year-round on-ground activity.”
The company believes the location of the SA projects may provide synergies in development planning.
The purchase price of $2.2m comprises an upfront consideration of $200,000 (inclusive of a $15,000 exclusivity fee) and the issuance of 53.6 million Sipa shares valued at $750,000.
There is also a deferred consideration of 35.7 million Sipa shares, equating to $500,000.
Sipa will additionally be responsible for a milestone payment of $750,000 when it reports a 100,000oz JORC-compliant inferred gold resource from the acquired tenements.
In the lead-up to the finalisation of the acquisitions, Sipa will continue to review and validate historic data to enable the results to be reported in accordance with the JORC code.
The company plans to undertake this work in 2025 and fund it from existing cash reserves.
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