Resources & Energy Group (ASX:REZ) has received sale proceeds from QMines (ASX:QML) of about AU$2.5 million from the divestment of its Mount Mackenzie gold project in Queensland, according to a Monday Australian bourse filing.
The proceeds include AU$1 million in cash, inclusive of the previously received AU$100,000 deposit, and the issue of 33 million fully paid ordinary shares in QMines priced at AU$0.045 per share, subject to a voluntary escrow period of 12 months.
The company has divested the project as it plans to focus on its East Menzies gold project in Western Australia, the filing added.
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