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Ramelius Resources to Sell Western Australia Gold Hub to Forrestania for AU$300 Million; Shares Up 4%

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Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement, according to a Monday Australian bourse filing.

The consideration comprises AU$200 million in upfront cash and AU$100 million in Forrestania shares, subject to escrow and orderly sale restrictions, per the filing.

The company will receive a AU$20 million deposit, with the balance payable in cash and shares on completion, subject to customary conditions, including Forrestania securing at least AU$200 million in binding equity commitments, obtaining shareholder approval, and receiving regulatory approvals and third-party consents, the filing said.

Completion is targeted for the September quarter, after which the company is expected to become a substantial shareholder in Forrestania, the filing added.

Ramelius Resources' shares jumped nearly 4% in recent Monday trade. Trading in Forrestania Resources' shares was halted.

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Ramelius Resources to Sell Western Australia Gold Hub to Forrestania for AU$300 Million; Shares Up 4% | FINWIRES