Native Mineral Resources acquires Queensland projects
Gold- and copper-focused Native Mineral Resources (NMR) has announced an agreement to acquire two near-mine, advanced gold projects in Queensland.
The deal, NMR MD Blake Cannavo said on Friday, would propel the company from a junior explorer to a potential gold producer in less than two years.
NMR signed a binding agreement with Collins St Convertible Notes to acquire the strategic assets, including the Far Fanning and Black Jack deposits as part of a deed of company arrangement approved by creditors.
The company will acquire the assets, located in the mineral-rich Ravenswood-Charters Towers region, for A$18.9-million, over 33 months with a 2% perpetual royalty on gold production.
NMR is exploring a number of fundraising pathways and intends to raise about A$14-million in capital to ensure that it is able to meet its obligations pursuant to the agreement and for working capital purposes.
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