News Column

Sovereign Gold Co Ltd (ASX:SOC) Bids for Remaining Mount Adrah Gold Limited Shares

July 3, 2014



Sydney, Australia, July 4, 2014 - (ABN Newswire) - Raffles Capital Limited (ASX:RAF) and Sovereign Gold Co Ltd (ASX:SOC) (Sovereign Gold) have entered into a Share Acquisition Agreement bringing Sovereign Gold's interest in Mount Adrah Gold Limited (Mount Adrah) to 76.12%.

Sovereign Gold will make an offer for the full acquisition of Mount Adrah Gold Limited (Mount Adrah).

Sovereign Gold is offering Mount Adrah Shareholders four Sovereign Gold shares (last traded price was 4.8 cents) for each Mount Adrah share including options held by them. Offer value is 19.2 cents per Mount Adrah share including options.

The Offer is subject to obtaining all necessary shareholder, regulatory and statutory approvals.

Consideration for the total acquisition would be the issue of up to 64.7 million Sovereign Gold shares with a cash value of $3.1 million.

Sovereign Gold shareholders will be asked to approve the issue of the shares at a forthcoming general meeting.

About Sovereign Gold Company Limited:

Sovereign Gold Co Ltd (ASX:SOC) is an Australian-based gold exploration and development company that holds a highly prospective tenement package, for Intrusion-Related Gold Systems (IRGS), in New South Wales, Australia. Sovereign Gold holds 11 Exploration Licences covering over 3,240km2 near Armidale in NSW, including the historic Rocky River-Uralla Goldfields. Sovereign Gold's aggressive exploration program in several of these licence areas is funded via a joint venture (at the tenement level) with Jiangsu Geology & Engineering Co Ltd (SUGEC), a major Chinese State-owned geology enterprise. The other area of focus is the Mt. Adrah Project, approximately 50km southeast of the regional NSW centre of Wagga Wagga and 23km northwest of the historic mining district of Adelong, via an 87% interest in unlisted Gossan Hill Gold Limited. This area contains the recently discovered, world-class, Hobbs IRGS deposit which is currently under evaluation.

Contact: Sovereign Gold Co Ltd T: +61-2-9251-7177 F: +61-2-9251-7500 E: corporate@sovereigngold.com.au WWW: www.sovereigngold.com.au


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ABN Newswire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters