Lexington Gold Ltd completed the acquisition of 76% stake in White Rivers Exploration Pty Limited.
Lexington Gold Ltd (AIM:LEX) completed the acquisition of 76% stake in White Rivers Exploration Pty Limited for on September 7, 2023. In accordance with the terms of the acquisition, Lexington Gold is issuing 36,129,032 new common shares (the "Initial Consideration Shares") to settle £2.24 million, representing 35 per cent. of the maximum Lexington Gold Equity of up to £6.4 million to be paid as consideration under the WRE Acquisition and Loan Agreements. The balance of the consideration due under the WRE Acquisition and Loan Agreements is to be settled by way of the issue of new common shares in Lexington Gold at the Issue Price based on certain milestones being achieved: (i) 46,451,613 new common shares in Lexington Gold to be issued no later of 30 November 2023 and the date of renewal of four of the Prospecting Rights split, 25%, 10%, 8% and 2% respectively between the four Prospecting Rights concerned; and (ii) 20,645,161 new common shares in Lexington Gold to be issued on receipt of Ministerial Consent. The remaining 26% interest in White Rivers Exploration Pty Limited to be issued to Lexington Gold's Broad-Based Black Economic Empowerment ("BBBEE") partners in due course which will reduce Lexington Gold's remaining interest in White Rivers Exploration Pty Limited to 76%.