The company has issued 100 million fully paid ordinary shares and paid $50,000 cash to the vendors of Oz Gold which are subject to the voluntary escrow conditions:
- 50 million consideration shares subject to escrow for a period of three months from the date of their issue; and
- 50 million consideration shares subject to escrow for a period of six months from the date of their issue.
Gold-copper project rights
Oz Gold has rights over gold-copper projects in WA and NSW, respectively, that are in well-established mining districts, close to critical supportive infrastructure and key ports.
Those rights include an exclusive option to acquire the Mt Dimer Gold Project in WA, which TSC has now exercised.
Mt Dimer, which is around 200 kilometres north of Southern Cross in WA’s Goldfields and south of TSC's Rover Project, comprises a mining lease and adjacent exploration licence.
Also acquired under the option is the Yarbu Project, 80 kilometres to the northwest of the mining lease.
TSC has already started fieldwork at Mt Dimer with a site visit to conduct survey work, sampling and logistics, in preparation for a maiden drilling program as soon as possible.