Transactions will deliver new properties, a cash boost and a new substantial shareholder to SXG
Explorer Southern Cross Gold has snapped up several properties surrounding its flagship Sunday Creek project near Melbourne in Victoria in deals worth upwards of A$70 million. Southern Cross on Friday said it would buy two residential holdings from unnamed "arms-length" third parties for A$1.9 million and at the same time has signed a share swap agreement to buy private company Sparr Nominees for around 22 million SXG shares. At Thursday's closing price on the ASX of $3.
" Sparr Nominees is owned by long-time mining executive Darren Morcombe, who sits on the board of Canada-based Foran Mining and has held previously senior roles with Normandy Mining and Newmont. Once the Southern Cross deal completes, Morcombe will hold circa 10% of the company's stock. Southern Cross' current biggest shareholder, TSXV-listed Mawson Gold , will have its position diluted to around 44%. Morcombe is an existing shareholder of Mawson.
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