leadf
logo-loader
viewAeris Resources Ltd

Aeris Resources becomes new substantial holder of GBM Resources with 5.22% stake

The equity position in GBM follows the sale by Aeris of the Yandan Gold Exploration Project.

Greater Bendigo Gold Mines Limited -
Aeris is producing copper in NSW and gold in Queensland.

Aeris Resources Ltd (ASX:AIS) wholly-owned subsidiary Straits Mineral Investments Pty Ltd has become a substantial shareholder of GBM Resources Ltd (ASX:GBM) (OTCMKTS:ARSRF).

Straits Mineral Investments now has a 5.22% stake in gold explorer GBM after receiving 22.22 million shares.

Sale of Yandan project

This follows Aeris completing the sale of the Yandan Gold Exploration Project to GBM.

As consideration, Aeris has received $3 million in GBM shares at $0.135 per share and will also receive a 1.5% Net Smelter Royalty (NSR) on the first 300,000 ounces of gold equivalent mined from the Yandan tenements.

The company has also subscribed for a placement of $1 million worth of shares in GBM at $0.135 per share and following this will hold around 29.6 million shares in GBM.

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.”

GBM Malmsbury JV

GBM recently executed a formal purchase and joint venture agreement with Novo Resources Corp (TSE:NVO) for the Malmsbury Gold Project in the prolific Victorian Goldfields.

The Foreign Investment Review Board (FIRB) and Department of Jobs, Precincts and Regions (DJPR) approvals remain as the final steps of the formation of the joint venture (JV) and are expected within the March quarter of 2021.

Malmsbury has an existing inferred resource of 104,000 ounces of gold (820,000 at 4 g/t gold).

The partnership with Novo is expected to greatly accelerate potential discovery and resource delineation timeframes at Malmsbury.

Quick facts: Aeris Resources Ltd

Price: 0.135 AUD

ASX:AIS
Market: ASX
Market Cap: $256.1 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Aeris Resources Ltd named herein, including the promotion by the Company of Aeris Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Aeris Resources chairman discusses 'transformational' acquisition of Cracow...

Aeris Resources Ltd's (ASX:AIS) executive chairman Andre Labuschagne speaks to Proactive's Andrew Scott after entering into a binding agreement with Evolution Mining Ltd (ASX:EVN) to acquire the Cracow Gold Mine in Queensland. Aeris has agreed to pay Evolution $60 million in cash upon closing...

on 8/6/20

2 min read