Southern Cross Gold (ASX:SXG) has received approval from the Australian Treasurer, through the Foreign Investment Review Board (FIRB), to acquire all shares in privately held Sparr Nominees.
Sparr owns agricultural properties in Victoria covering 921.22 hectares and holds $18.75 million in cash.
In October, Southern Cross entered into a share swap agreement to acquire all of Sparr’s shares and the two residential properties for $1.9 million cash and about 22.08 million shares.
“These agreements secure multiple properties that directly surround the Sunday Creek Project together with significant cash,” Managing Director Michael Hudson says.
“All are critical for securing future pathways for the Sunday Creek Project, which is developing into an expanding and significant global gold-antimony discovery.”
Southern Cross Gold is an explorer focused on gold and antimony discoveries in the Victorian Goldfields region, and currently holds 133.29 hectares of land. The company’s flagship Sunday Creek Project is a shallow orogenic Fosterville-style deposit located 60km north of Melbourne.
Write to Aaliyah Rogan at Mining.com.au
Images: Southern Cross Gold
