Blaze International has entered into binding terms to acquire 100% of Everest which holds an option to acquire the Kirkalocka Gold Project located in Western Australia.
The option to acquire 100% of the project is exercisable by Everest through a cash payment of $100,000 at any time prior to April 30, 2018.
Subject to due diligence and shareholder approval, consideration for the acquisition of Everest will involve the issue 48,520,012 fully paid ordinary shares in Blaze International.
Experienced advisors assist in due diligence and ongoing strategic planning
As part of the transaction, Klaus Eckhof and Corporate & Resource Consultants Pty Ltd have been appointed as commercial and technical advisors.
Eckhof is a geologist with more than 20 years of experience identifying, exploring and developing mineral deposits on a global basis.
He has been particularly successful in developing gold projects both in Australia and overseas.
Eckhof takes project from standing start to US$500 million takeover
In 2003, Mr Eckhof founded Moto Goldmines which acquired the Moto Gold Project in the Democratic Republic of Congo.
Moto delineated more than 20 million ounces of gold and delivered a feasibility study within four years from the commencement of exploration.
Given this background, investors are likely to be encouraged by the fact that Eckhof has been retained by Blaze International under an option remuneration package.
He will receive 25,000,000 options in the company exercisable at $0.08 with an expiry date of March 1, 2019.