NewPeak Metals (ASX:NPM) is selling its remaining 25% interest in its New Zealand gold mineral permits, namely Garibaldi and Raggedy Range in the Otago region.
Through its subsidiary company NewPeak NZ and partner Neil Stuart, who holds the remaining 75% interest, have entered into an exploration permit acquisition agreement with Canadian listed KO Gold (CSE:KOG) to sell Garibaldi and Raggedy Range.
Under the agreement, NewPeak will receive C$125,000 in 3 KO Gold share issue tranches.
The first tranche includes the issue of 148,810 shares in KO on the conclusion of the transaction, at a deemed issuance price of $0.42.
Meanwhile, the second and third tranches will include the issue of C$31,250 worth of KO share’s in 12 and 24 months at market price, respectively.
NewPeak says the sale will be completed subject to and conditional upon New Zealand Petroleum and Minerals and the Minister approving the transfer of the permits from the company to KO Gold in accordance with the New Zealand Crown Minerals Act.
NewPeak Metals is a mineral resource company focused on discovering a multi million ounce gold deposit. The company has gold assets in Argentina, New Zealand, and Finland.
Write to Aaliyah Rogan at Mining.com.au
Images: NewPeak Metals
