Spectrum Completes Acquisition of First Hit Gold Mine
Spectrum Metals Limited (“SPX” or “the Company) has previously advised that it had agreed terms for the acquisition of the First Hit Gold Mine (ASX 4 October 2018) as the first step in a high-grade gold strategy, focused in Western Australia.
Consideration for the acquisition was:
A$100,000 in cash at settlement of the agreement; and
A$100,000 worth of ordinary shares in Spectrum at a deemed issue price equal to the 5-day Volume Weighted Average Price (VWAP) of Shares trading on ASX over the 5 days immediately preceding the date of the Agreement (equating to 19,464,300 shares).
The vendor shares will be subject to voluntary escrow for a period of 12 months from the date of settlement. The share issue has been carried out within the Company’s current placement capacity under ASX Listing Rule 7.1. An Appendix 3b and section 708A notice are attached for immediate release.
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