Business
Golden Cross Completes Acquisition of Australian Reedy Creek and Providence Projects
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2025) - Golden Cross Resources Inc. (for...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Golden Cross Completes Acquisition of Australian Reedy Creek and Providence ProjectsVancouver, British Columbia--(Newsfile Corp. - April 16, 2025) - Golden Cross Resources Inc. (formerly Zincore Metals Inc.) (TSXV: AUX) (the \"Company\" or \"Golden Cross\") is pleased to announce that the Company has completed its acquisition of the Reedy Creek and Providence gold projects in Victoria, Australia (collectively, the \"Project\") from Great Pacific Gold Corp. (the \"Vendor\"), as previously disclosed in the Company's news releases dated December 3, 2024, February 13, 2025, March 12, 2025 and April 11, 2025. In connection with the completion of the Transaction (as defined herein), the Company has applied to the TSX Venture Exchange (the \"Exchange\") to graduate from the NEX board of the Exchange to become a Tier 2 mining issuer on the Exchange. The common shares of the Company (the \"Common Shares\") are expected to commence trading on the Exchange on April 21, 2025 under the ticker symbol \"AUX\".The Company entered into a share purchase agreement dated effective December 3, 2024, as amended on April 10, 2025 (the \"Definitive Agreement\"), among the Company, the Vendor and 1513609 B.C. Ltd. (\"BC Subco\"), pursuant to which the Company acquired 100% of the issued and outstanding shares of BC Subco, which holds, through its Australian subsidiary, Providence Gold, a 100% beneficial interest in and to the Project (the \"Transaction\").Pursuant to the terms of the Definitive Agreement, the Company completed the Transaction in consideration for:a non-refundable cash deposit of $500,000 (the \"Deposit\") paid to the Vendor upon the execution of the Definitive Agreement (which was paid by 1512736 B.C. Ltd. (\"Fundco\"), as described below);a cash payment of $500,000 paid to the Vendor on the closing date of the Transaction (the \"Closing Date\"); and6,000,000 Common Shares (the \"Payment Shares\") issued to the Vendor on the Closing Date.In addition to the payments described above, the Company will pay to the Vendor the follow post-closing payments:in the event that the Company publishes a technical report which establishes on the Project a mineral resource in any combination of a measured, indicated, inferred resource, of at least 1,000,000 ounces of gold and/or gold equivalent, the Company will make a cash payment of $1,000,000 to the...