Southern Gold Limited (ASX:SAU) agreed to acquire Iondrive Technologies Pty Ltd for AUD 1.4 million on May 29, 2023. The consideration of AUD 1.2 million is to be satisfied through the issue of 60 million fully paid ordinary shares in SAU, at an agreed value of AUD 0.02 per Share. The Acquisition Shares will be subject to a six-month voluntary escrow. The proposed Placement will raise approximately AUD 2.5 million through the issue of 126 million fully paid ordinary shares at a price of AUD 0.02 cents per share, together with one unlisted option for every 2 shares subscribed. AUD 1.2 million of the funds raised will fund IDT’s near-term commercialization activities, while the remaining AUD 1.3 million will fund continued exploration activities in South Korea and general working capital. As part of the Acquisition, IDT has retained the expertise of Keong Chan, as a consultant, for a minimum period of 12 months. Following completion of the Acquisition, the Southern Gold Board will be augmented through the appointment of John Rock as a nonexecutive director. The transaction is subject to shareholder approval and a concurrent capital raise. As of June 22, 2023, the acquisition is expected to be completed soon after shareholder approval meeting scheduled on June 28, 2023. The deal is expected to complete on July 3, 2023.

Southern Gold Limited (ASX:SAU) completed the acquisition of Iondrive Technologies Pty Ltd on July 4, 2023.