First Au (ASX:FAU) has completed the first stage of its joint venture to acquire the Nimba Gold Project in Liberia, issuing 100 million shares as well as a $250,000 cash payment to Hamak Gold (LSE:HAMA) for a 35% stake.
Shares hold an exercise price of $0.0035 per share, providing Hamek a total share value of $350,000.
Shares will remain under escrow for six months from the issue date.
Chairman Daniel Raihani says the company is pleased to complete stage one of the acquisition as it prepares to share drilling results shortly.
“First Au is committed to progressing its Nimba Gold joint venture in Liberia,” Raihani says.
First Au is a gold and base metals explorer currently pursuing opportunities at the Victorian Goldfields Project in East Gippsland and the Gimlet Gold Project near Kalgoorlie in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Hamek Gold
