Benz Mining (ASX:BNZ) completed the acquisition of the Glenburgh and Mt Egerton gold projects in Western Australia from Spartan Resources (ASX:SPR) by purchasing 100% of the issued share capital in Gascoyne Resources (WA) and Egerton Exploration, according to a Tuesday filing with the Australian bourse.
The transaction involved an upfront cash payment of AU$500,000 and the issue of 33 million CHESS depository interests to Spartan Resources, the filing said. Spartan Resources will also get AU$500,000 on the first anniversary of the transaction completion and up to AU$6 million after certain milestones are met.
Benz Mining shares rose nearly 12% in afternoon trade Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.