Primary Gold Ltd
(ASX:PGO) has entered a deal to buy the Coolgardie gold assets of Macphersons Resources
(ASX:MRP) for $10 million.
The company expects this transaction to complete in the next two months.
Under the Binding Heads of Agreement, Primary can pay $5 million in cash in instalments over a 12-month period. It can also pay the remaining $5 million by issuing Macphersons with 40 million ordinary shares in Primary, with an issue price of 12.5 cents per share.
The company this Agreement covers the whole of MacPherson’s tenure in the Coolgardie gold belt, 39 km west of Kalgoorlie, WA.
Primary Gold reported a net loss of $561,000 at 31 December 2015.
