Nagambie Resources Says Right-Of-First-Refusal Condition For Proposed Joint Venture With Alkane Resources Unit Satisfied, Nagambie's Shares Jump 6%

MT Newswires Live

02/23

Nagambie Resources (ASX: NAG) said Southern Cross Gold Consolidated (ASX:SX2) informed the firm on Saturday that it will not exercise its right-of-first-refusal regarding the proposed joint venture with Mandalay Resources Costerfield Operations, a unit of Alkane Resources (ASX:ALK), satisfying a condition to the proposed joint venture, according to a Monday Australian bourse filing.

One of the conditions for the proposed joint venture was the waiver or lapse of the right-of-first-refusal held by Southern Cross under a 2020 share subscription agreement between Nagambie and Mawson Resources.

Nagambie's shares jumped 6% in recent trading on Monday.

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