As consideration for the sale of Yandan, Aeris will receive $3 million in GBM shares at $0.135 per share and a 1.5% Net Smelter Royalty (NSR) on the first 300,000 ounces of gold equivalent mined from the Yandan tenements.
Maintain exposure to Drummond Basin
Aeris executive chairman, Andre Labuschagne said: “Taking an equity position in GBM in exchange for Yandan enables Aeris to maintain an exposure to the highly prospective Drummond Basin while we concentrate on our core producing assets.”
To hold 6.85% in GBM
The company has also subscribed for a placement of $1 million worth of shares in GBM at $0.135 per share.
Following the issue of the shares, Aeris, a copper and gold producer, will hold around 29.6 million shares in GBM, a shareholding of 6.85%.