Total
0
Shares
Fraser Range Metals, Founder, Mark Creasy and Managing Director, Brad Underwood
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Fraser Range Metals is up 25 per cent today after it entered into a binding term sheet to acquire Wildcat Resources
  • Fraser will acquire Wildcat through the issue of shares

Fraser Range Metals is up 25 per cent today after it entered into a binding term sheet to acquire Wildcat Resources.

Wildcat holds the Mount Adrah Gold Project, which is located in Lachlan Orogen region in New South Wales. Fraser will acquire Wildcat through the issue of shares.

The consideration payable to the shareholders of Wildcat will include an issue of 63.8 million shares to Wildcat shareholders for the price of 1.6¢ per share.

A-class and B-class performance shares (managers and executives) 67 million shares will be issued to each class.

Fraser will also offer 20 million unquoted options at 4¢ per share.

In addition to paying the consideration to Wildcat shareholders, the company agreed to issue 3.1 million shares to Force Commodities in part of Wildcats obligations under the agreement to acquire Mount Adrah from Force.

Mount Adrah is 44km from Wagga Wagga and is 10km away from a railway and Hume Highway. The existing morning actives in the region means that the project is close to major infrastructure, services and workforce.

The Project hosts the Hobbs Pipe gold deposit and has an estimate of 770,000 ounces of contained gold.

Fraser Range Director Aidan Platel is looking forward to completing the acquisition.

“The Mount Adrah Project presents a fantastic opportunity for possible high-grade gold discoveries in the Lachlan Fold Belt, a region known for hosting large gold deposits,” he said.

The company plans on completing the due diligence on Mount Adrah by September 20.

“We look forward to completing the acquisition and immediately initiating our
exploration strategy to systematically test the priority target areas, which we believe will unlock significant shareholder value,” Aidan added.

FRN by the numbers
More From The Market Herald

" Musgrave Minerals (ASX:MGV) finds ‘bonanza’ gold at Big Sky

Musgrave Minerals (MGV) has received more results from drilling at the Big Sky prospect, which is part of its Cue gold project in
Suvo Strategic Minerals (ASX:SUV) - Executive Director, Aaron Banks (left) and Executive Chairman, Robert Martin (right)

" Suvo Strategic Minerals (ASX:SUV) begins drilling at Nova

Suvo Strategic Minerals (SUV) has begun the second phase of drilling at its Nova silica sands project in Western Australia.

" Torian Resources (ASX:TNR) extends Tyrannus gold footprint

Torian Resources (TNR) has extended gold mineralisation at the Tyrannus prospect within the Mt Stirling gold project near Lenora in Western Australia.
Tempus Resources (ASX:TMR) - Non Executive Chairman, Alexander Molyneux

" Tempus Resources (ASX:TMR) hits 33.7g/t gold at Blue Vein

Tempus Resources (TMR) has intersected up to 33.7 grams of gold per tonne (g/t) from the newly discovered Blue Vein.