Sabre Resources enters binding agreement to acquire owner of Beacon Gold Project in WA
Thursday, 15 August 2019 Sabre Resources Ltd (ASX:SBR) has entered a binding share sale agreement to acquire Scarce Minerals Pty Ltd which owns the Beacon Gold Project in Western Australia. The Beacon project adjoins Sabre’s recently acquired Bonanza Gold Project, increasing the company’s ground in the prospective Youanmi district. A share placement will also been undertaken after several offers were received for additional investment into the company, with the aim of raising $540,000 for exploration and project development. Rapid investor attention Sabre chairman Michael Scivolo said the company considered the proposed acquisition of Scarce and Beacon an opportunity to consolidate Sabre’s tenement holding in the Youanmi district. He added: “The Youanmi district area is host to several exciting high-grade gold discoveries, including the recently discovered northern extension of the Penny West Gold Project owned by Spectrum Metals Limited (ASX:SPX). “The region has gained rapid investor attention with several companies reporting significant exploration success on their gold projects located in the same area. “Through this proposed acquisition, Sabre is now able to increase its exposure to this rapidly expanding gold district.” The Youanmi gold mining district has gained investor attention with several companies including Rox Resources Ltd (ASX:ROX) and Venus Metals Corporatioon Ltd (ASX:VMC) reporting substantial exploration success on their gold projects in the same area. Share placement raising $540,000 Sabre will issue the vendors with 6 million fully paid shares and 6 million options with an exercise price of 0.8 cents each expiring September 30, 2022, subject to shareholder approval, in consideration for the acquisition. A general meeting will be held in September to seek shareholder approval for the transaction as well as for the issue of placement shares. The placement is at a 33% premium to the previous placement issue price per share and will be completed through issuing 135 million shares at a price of 0.4 cents each, raising $540,000. Participants will also receive five free attaching options for each four shares subscribed.
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