Business
Completion of Divestment of May Queen Gold Project
Completion of Divestment of May Queen Gold Project.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \n \n \n RNS Number : 1612L\n IronRidge Resources Limited\n 11 January 2021\n \n \n \n \n 11 January 2021\n \n \n \n \n \n Completion of Divestment of May Queen Gold Project\n \n \n \n \n \n IronRidge Resources Limited (AIM: IRR, \"IronRidge\" or the \"Company\"), the African focussed minerals exploration company,\n \n is pleased to announce it has completed the sale of the Company's non-core May Queen gold project (\"May Queen\") in South East Queensland to \n Australasian Gold Limited (\"AGL\")\n \n (\n \n refer RNS of 14 September 2020\n \n ).\n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n Ø \n \n IronRidge completes the sale of its non-core May Queen gold project in South East Queensland, allowing it to maintain focus across its core African portfolio.\n \n \n \n Ø \n \n IronRidge to receive 4.5m shares representing 28.1% of the enlarged share capital of AGL with IronRidge to invest AUD$100,000 at 10 cents per share to provide AGL with additional working capital. \n \n \n \n Ø \n \n IronRidge to hold an initial 5.5m shares in AGL representing 32.3% of the enlarged capital on completion of the transaction\n \n \n \n Ø \n \n IronRidge maintains both top-up rights as well as the option of a future seat on the AGL Board.\n \n \n \n Ø \n \n AGL is an Australian focussed gold explorer with a prospective gold project within the proven Ashburton region of Western Australia and within 30km of the 207,000 oz Au Paulsens gold deposit (JORC compliant) and Mt Clermont Queensland. AGL is currently working towards an IPO on a reputable exchange. \n \n \n \n \n Commenting, \n \n \n Vincent Mascolo, Chief Executive Officer of IronRidge, said: \n \n \n \n \"We are pleased to be partnering with AGL on the divestment of our non-core May Queen gold project in South East Queensland, Australia. The divestment provides IronRidge with significant project upside through exploration success, to be led by AGL, whilst allowing the Company to intensify capital focus and managerial momentum on our core suite of gold and lithium assets in Africa.\n \n \n \n \n \n \"AGL has demonstrated considerable experience in gold exploration to date, in addition to holding a prospective gold project in Western Australia; providing IronRidge with additional upside from their existing portfolio and the expertise they bring to t...