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Southern Gold Ltd to divulge material acquisition

Southern Gold Ltd to divulge material acquisition

Southern Gold Ltd (ASX:SAU) will outline a material acquisition this week, with the ASX granting the company a trading halt to prepare.

No other details have yet been revealed.

Earlier in the month the company executed a binding term sheet for the provision of a $1,000,000 convertible debt facility.

At the end of last week, Southern Gold said that this facility, combined with the Metals X Ltd (ASX:MLX) loan available under the Supplementary Deed to the Contracting and Financing Agreement for Cannon Resources, and cash flow from the Cannon Mine itself, means the company is fully-funded to advance its projects for the next several years.

Cash flow from the Cannon Mine is expected at the end of 2016 well before the debt repayment date of 30 June 2017.

The halt will remain in place until the opening of trade on Wednesday 6th April 2016, or earlier if an announcement is made to the market.

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