Horizon Minerals (ASX:HRZ) executed a binding tenement sale agreement to acquire a 100% interest in the Gordons, Mt. Jewell, Malone, and Mulgarrie gold projects in Western Australia from Yandal Resources (ASX:YRL) for AU$2.8 million in total, according to a Tuesday Australian bourse filing.
The projects comprise 34 granted mining, prospecting, exploration, and miscellaneous licenses covering an area of around 77 square kilometers near Horizon's Black Swan processing plant, the filing said.
The consideration includes AU$1.6 million in fully-paid Horizon shares on completion at an issue price equal to a 10% discount to the 15-trading-day volume-weighted average price up to and including the day immediately before the date of execution of the agreement, per the filing.
The sale is expected to settle in the September quarter, subject to regulatory approvals and other conditions.
Yandal Resources' shares fell almost 4% in recent Tuesday trade.
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