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Company News Summary

Westgold Resources Executes Agreement to Buy S2 Resources Polar Bear Projects

13 Feb 2018  |  18:48:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Westgold Buys S2 Resources Polar Bear Projects

Westgold Resources advised that it has executed a binding Heads of Agreement (Agreement) with S2 Resources (S2R) to acquire its interest in the Polar Bear Project (100%), Eundynie JV (80%) and the Norcott Project (100%) via the sale of all of the shares in S2's wholly owned subsidiary Polar Metals Pty for A$9M. Under the terms of the Agreement, the Company will pay S2R $3M in cash plus and allot it four million FPO shares which are subject to a voluntary six month escrow period. S2R will retain rights to nickel in the titles. The Polar Bear project abuts the Company's Higginsville Project and provides near time ore sources for the plant from mining of the Baloo deposit and further exploring with a view to development of the nearby Monsoon, Bindy, Nanook and Ear Lobe prospects.

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