Capricorn Metals to divest Big Springs Gold Project for $26M
Key points
- Capricorn enters into Share Sale Agreement with Sentinel Metals Limited
- Consideration includes $8.5M cash, $5.0M worth of Sentinel shares, and $12.5M contingent consideration
- Transaction subject to conditions including Sentinel raising $15M and shareholder approval
- Advisers: Longreach Capital (financial), Corrs Chambers Westgarth (legal)
Full summary
Capricorn Metals Ltd has entered into a binding Share Sale Agreement with Sentinel Metals Limited for the divestment of the Big Springs Gold Project in Nevada. The transaction, valued at up to $26 million, includes $8.5 million in cash, $5.0 million worth of Sentinel shares, and $12.5 million in contingent consideration contingent on achieving certain milestones. The deal is subject to conditions including Sentinel raising at least $15 million in new funds and obtaining shareholder approval. Longreach Capital acted as financial adviser and Corrs Chambers Westgarth as legal adviser to Capricorn.
Guidance
Consideration up to $26M, including $8.5M cash, $5.0M shares, $12.5M contingent
Outlook
The transaction is subject to conditions including Sentinel raising $15M and shareholder approval.
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