Blackham Resources (ASX: BLK) is edging closer to acquiring the Wiluna Gold Project in Western Australia which was announced on 20 January 2014.
The End Date under the agreement has been extended by the payment of a further $130,000 deposit as the agreement is conditional upon completion of nine conditions precedent, six of which have now been satisfied.
Completion of the sale is now scheduled for 7 March 2014.
Investors may recall that the acquisition complements Blackham’s 100% owned Matilda Gold Project and purchase of the plant and infrastructure re-positions Blackham as a near-term gold producer with a very large prospective exploration package.
The Wiluna Gold Project acquisition is to be funded out of the company’s $13 million funding facility with Great Central Gold Pty Ltd.
Terms of the Agreement Summary
- Acquire 100% of the Wiluna Gold Project for the following consideration:
- A deposit of $200,000 which was paid upon signing of the sale agreement;
- A second deposit $130,000 was paid on Monday;
- $1.67 million in cash on completion;
- $1.3 million in cash (or shares at Blackham’s election) on production of 50,000oz from the Wiluna tenements; and
- $1.3 million in cash (or shares at Blackham’s election) on production of 100,000oz from the Wiluna tenements.
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