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- Gladiator Resources (GLA) completes its purchase of Zeus Resources
- The company entered into a share purchase agreement (SPA) with Zeus and its existing shareholders to fully acquire issued share capital
- Under the SPA, Gladiator agrees to issue a total of six million shares as consideration for the Zeus shares
- Additionally, a further 24 million shares to the Zeus vendors upon the satisfaction of certain milestones in three different tranches
- GLA shares are up 4.76 per cent, trading at 2.2 cents as of 2:50 pm AEST
Gladiator Resources (GLA) has completed the purchase of Zeus Resources.
The company entered into a share purchase agreement (SPA) with Zeus and its existing shareholders to fully acquire issued share capital.
Under the SPA, Gladiator will issue a total of six million shares as consideration for the Zeus shares, subject to certain conditions met.
It was also agreed to issue a further 24 million shares to the Zeus vendors upon the satisfaction of certain milestones in three different tranches.
The first tranche will issue 12 million shares upon the formal grant of all applications in respect of the tenements.
The second and third tranche will issue six million shares each upon the completion of a positive desktop study and identification of drill targets in each tenement respectively.
However, the milestones were not met in the 3-month period from shareholder approval as required under the ASX listing rules because of delays in receiving some of the regulatory approvals in Tanzania.
Prior to the acquisition, Zeus was the registered holder of seven highly prospective exploration tenements in Tanzania. The tenements cover over 1170 square kilometres and are prospective for several commodities.
GLA shares were up 4.76 per cent, trading at 2.2 cents as of 2:50 pm AEST.
