White Cliff Minerals (ASX:WCN) entered into a binding tenement sale agreement to sell its Reedy South Gold Project in Australia to Bain Global Resources for AU$1.2 million in cash, according to a Tuesday Australian bourse filing.

Out of the total consideration, AU$200,000 will be paid within five business days of Bain receiving foreign investment review board approval for the purchase of the tenements, and AU$500,000 will be paid three months after the execution date and the completion date, with a further AU$500,000 to paid by the end of six months from the execution date.

The company divested the asset to focus on its Canadian projects, where drilling is underway at its Rae Copper project.