Core Transaction Details - Great Pacific Gold Corp. has completed the sale of its Reedy Creek and Providence Projects in Australia to Golden Cross Resources Inc. for a total consideration of $1,000,000 in cash and 6,000,000 common shares of Golden Cross [1][4] - The cash payment included a $500,000 deposit and another $500,000 paid at the closing of the transaction [4] - The common shares issued will have varying resale restrictions, with 800,000 shares free from restrictions, while the remaining shares will be released in tranches over time [4] Related Party Transactions - Certain insiders of Great Pacific Gold participated in the transaction by subscribing for securities worth $65,000 in Fundco, which was acquired by Golden Cross [3] - The company is exempt from obtaining a formal valuation and minority shareholder approval for this related party transaction as it does not exceed 25% of the fair market value of the company's market capitalization [3] Future Financial Considerations - Currawong Resources Pty Ltd, a subsidiary of Great Pacific Gold, has the right to receive up to $3,000,000 in post-closing payments from Providence, contingent on specific milestones related to mineral resource establishment and commercial production [4] Company Overview - Great Pacific Gold holds a portfolio of exploration-stage projects in Papua New Guinea and Australia, focusing on developing gold-copper resources [4] - The company is also in the process of divesting certain non-core assets, including the Golden Mountain and Everton Projects in Australia [5] Exploration Projects - The company has several key exploration projects, including the Kesar Project, Wild Dog Project, Arau Project, Lauriston Gold Project, and Walhalla Gold Belt Project, each with unique geological features and exploration potential [8]
Great Pacific Gold Completes Sale of Reedy Creek and Providence Projects