Great Pacific Gold Completes Sale of Reedy Creek and Providence Projects
Great Pacific Gold Corp (TSXV: GPAC) (OTCQX: FSXLF) has completed the sale of its Reedy Creek and Providence Projects in Australia to Golden Cross Resources. The transaction includes:
- $1 million total cash payment ($500,000 previously paid, $500,000 at closing)
- 6 million Golden Cross common shares with varying resale restrictions
- Potential future payments up to $3 million tied to:
- $1 million upon publication of technical report showing 1,000,000+ ounces gold resource
- $2 million upon commercial production
The deal was executed through Golden Cross' acquisition of BC Subco, which owns Providence Gold Pty , the holder of the Property interests. Company insiders participated in the transaction for $65,000 through Fundco, which was later acquired by Golden Cross.
Great Pacific Gold Corp (TSXV: GPAC) (OTCQX: FSXLF) ha completato la vendita dei suoi progetti Reedy Creek e Providence in Australia a Golden Cross Resources. La transazione include:
- Pagamento in contanti totale di 1 milione di dollari (500.000 già versati, 500.000 al momento della chiusura)
- 6 milioni di azioni ordinarie Golden Cross con diverse restrizioni di rivendita
- Possibili pagamenti futuri fino a 3 milioni di dollari legati a:
- 1 milione di dollari alla pubblicazione di un rapporto tecnico che attesti una risorsa aurifera superiore a 1.000.000 di once
- 2 milioni di dollari al raggiungimento della produzione commerciale
L’accordo è stato realizzato tramite l’acquisizione da parte di Golden Cross di BC Subco, proprietaria di Providence Gold Pty, titolare degli interessi relativi alla proprietà. I dirigenti dell’azienda hanno partecipato alla transazione con 65.000 dollari tramite Fundco, successivamente acquisita da Golden Cross.
Great Pacific Gold Corp (TSXV: GPAC) (OTCQX: FSXLF) ha completado la venta de sus proyectos Reedy Creek y Providence en Australia a Golden Cross Resources. La transacción incluye:
- Pago total en efectivo de 1 millón de dólares (500,000 ya pagados, 500,000 al cierre)
- 6 millones de acciones ordinarias de Golden Cross con diversas restricciones de reventa
- Pagos futuros potenciales de hasta 3 millones de dólares vinculados a:
- 1 millón de dólares tras la publicación de un informe técnico que muestre un recurso de oro superior a 1,000,000 de onzas
- 2 millones de dólares al inicio de la producción comercial
El acuerdo se ejecutó mediante la adquisición por parte de Golden Cross de BC Subco, que posee Providence Gold Pty, titular de los intereses de la propiedad. Los directivos de la empresa participaron en la transacción con 65,000 dólares a través de Fundco, que luego fue adquirida por Golden Cross.
Great Pacific Gold Corp (TSXV: GPAC) (OTCQX: FSXLF)는 호주에 위치한 Reedy Creek 및 Providence 프로젝트를 Golden Cross Resources에 매각을 완료했습니다. 거래 내용은 다음과 같습니다:
- 총 100만 달러 현금 지급(기존 50만 달러 지급, 잔여 50만 달러는 클로징 시 지급)
- 다양한 재판매 제한이 적용된 Golden Cross 보통주 600만 주
- 다음 조건에 따른 최대 300만 달러의 잠재적 추가 지급금:
- 기술 보고서 발표 시 100만 온스 이상의 금 자원 확인 시 100만 달러 지급
- 상업 생산 개시 시 200만 달러 지급
본 거래는 Golden Cross가 Providence Gold Pty의 자산을 보유한 BC Subco를 인수하는 방식으로 이루어졌습니다. 회사 내부 관계자들은 Fundco를 통해 65,000달러를 투자했으며, Fundco는 이후 Golden Cross에 인수되었습니다.
Great Pacific Gold Corp (TSXV : GPAC) (OTCQX : FSXLF) a finalisé la vente de ses projets Reedy Creek et Providence en Australie à Golden Cross Resources. La transaction comprend :
- Un paiement total en espèces de 1 million de dollars (500 000 déjà versés, 500 000 à la clôture)
- 6 millions d’actions ordinaires Golden Cross avec diverses restrictions de revente
- Des paiements futurs potentiels pouvant atteindre 3 millions de dollars liés à :
- 1 million de dollars à la publication d’un rapport technique attestant une ressource aurifère de plus de 1 000 000 d’onces
- 2 millions de dollars à la mise en production commerciale
L’accord a été réalisé par l’acquisition par Golden Cross de BC Subco, propriétaire de Providence Gold Pty, détenteur des intérêts liés à la propriété. Des initiés de la société ont participé à la transaction pour 65 000 dollars via Fundco, qui a ensuite été acquis par Golden Cross.
Great Pacific Gold Corp (TSXV: GPAC) (OTCQX: FSXLF) hat den Verkauf seiner Reedy Creek- und Providence-Projekte in Australien an Golden Cross Resources abgeschlossen. Die Transaktion umfasst:
- Gesamte Barzahlung von 1 Million US-Dollar (500.000 bereits gezahlt, 500.000 bei Abschluss)
- 6 Millionen Golden Cross Stammaktien mit unterschiedlichen Wiederverkaufsbeschränkungen
- Mögliche zukünftige Zahlungen von bis zu 3 Millionen US-Dollar, gebunden an:
- 1 Million US-Dollar bei Veröffentlichung eines technischen Berichts, der eine Goldressource von über 1.000.000 Unzen nachweist
- 2 Millionen US-Dollar bei Aufnahme der kommerziellen Produktion
Der Vertrag wurde durch die Übernahme von BC Subco durch Golden Cross abgewickelt, die Providence Gold Pty besitzt, den Eigentümer der Projektanteile. Unternehmensinterne Personen beteiligten sich mit 65.000 US-Dollar über Fundco, das später von Golden Cross übernommen wurde.
- Immediate cash infusion of $1 million
- Potential additional $3 million in milestone payments
- Strategic asset monetization with retained upside through milestone payments
- Equity stake in Golden Cross through 6 million shares
- Reduction in company's asset portfolio through divestment of Australian projects
- Milestone payments are contingent and not guaranteed
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) ("Great Pacific Gold," "GPAC," or the "Company"), is pleased to announce that it has completed the sale of its Reedy Creek and Providence Projects in Australia, comprising Exploration Licences 7052 and 7046 (collectively, the "Property"), to Golden Cross Resources Inc. (formerly, Zincore Metals Inc.) ("Golden Cross"), pursuant to the share purchase agreement dated December 3, 2024, as amended on April 10, 2025 (the "Share Purchase Agreement"), among the Company, Golden Cross and 1513609 B.C. Ltd. ("BC Subco") (the "Transaction").
The Transaction was completed through Golden Cross' acquisition from the Company of all of the issued and outstanding shares of BC Subco, which is the sole shareholder of Providence Gold Pty Ltd ("Providence"), which in turn holds the interest in the Property.
In consideration for the sale of the Property:
- Golden Cross paid an aggregate of
$1,000,000 in cash to the Company, of which:
$500,000 was previously paid as a deposit (the "Deposit") within five (5) business days of the entry into the Share Purchase Agreement; and$500,000 was paid on closing of the Transaction ("Closing");
- Golden Cross issued 6,000,000 common shares of Golden Cross (the "Golden Cross Shares") to the Company on Closing, of which:
- 800,000 Golden Cross Shares will not be subject to voluntary resale restrictions;
- 1,600,000 Golden Cross Shares will be subject to voluntary resale restrictions, such that 400,000 Golden Cross Shares will be released every one (1) month following Closing; and
- 3,600,000 Golden Cross Shares will be subject to voluntary resale restrictions, such that 600,000 Golden Cross Shares will be released every six (6) months following Closing;
- Currawong Resources Pty Ltd ("Currawong"), a wholly owned subsidiary of the Company, has the right to receive from Providence post-Closing payments of up to an aggregate of
$3,000,000 , such right being assignable by Currawong, as follows:
$1,000,000 , in the event a technical report is published in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects which establishes on any portion of the Property a mineral resource in any combination of a measured, indicated, inferred resource, of at least 1,000,000 ounces of gold and/or gold equivalent prepared in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM, as amended; and$2,000,000 , in the event of commercial production of gold ore or concentrate on any portion of Property.
No finder's fees was paid by the Company in connection with the Transaction.
Certain directors and officers of the Company (the "Insiders") subscribed for securities in the amount of
On behalf of Great Pacific Gold:
Greg McCunn
Chief Executive Officer and Director
For further information visit gpacgold.com or contact:
Investor Relations
Direct: (604) 229-9445
Toll Free: 1(833) 923-3334
Email: info@gpacgold.com
About Great Pacific Gold
Great Pacific Gold has a portfolio of exploration-stage projects in Papua New Guinea ("PNG") and Australia. The Company is focused on developing gold-copper resources from its highly prospective land packages. Its core projects include:
- Kesar Project: located in the Eastern Highlands province of PNG and contiguous with the mine tenements of K92 Mining Inc. ("K92"), the Kesar Project is a greenfield exploration project with several high-priority targets in close proximity to the property boundary with K92. Multiple epithermal veins at Kesar are on strike and have the same orientation as key K92 deposits, such as Kora. Exploration work to date by the Company at the Kesar Project has shown that these veins have high grades of gold present in outcrop and very elevated gold in soil grades, coincident with aeromagnetic highs. The Company is carrying out an ongoing diamond drill program on key target areas at the Kesar Project.
- Wild Dog Project: located in the East New Britain province of PNG, the Wild Dog Project is a brownfield exploration project with a history of small-scale gold mining. The Wild Dog Project contains numerous epithermal and porphyry hydrothermal-magmatic targets evidenced by previous exploration and operations. The Company completed a road refurbishment in August 2024 and access to the project has been established for baseline environmental and exploration work.
- Arau Project: located in the Eastern Highlands province of PNG, the Arau Project contains the highly prospective Mt. Victor exploration target with potential for a high sulphidation epithermal gold-base metal deposit. A Phase 1 Reverse Circulation drilling program was completed at Mt. Victor in August 2024, with results pending. The Arau Project includes the Elandora licence, which also contains various epithermal and copper-gold porphyry targets.
- Lauriston Gold Project: located in the state of Victoria, Australia, the Lauriston Gold Project is located on the southern extension of the Fosterville Goldfield Belt and is adjacent to Agnico Eagle's extensive Fosterville tenements and mine operations. The Lauriston Gold Project contains the Comet-Trojan target, a 4.5km long epizonal orogenic system. The discovery hole at Comet intersected 8m at 105 g/t gold, and a follow-up drilling program was completed in Q3 2024. The Company is consolidating its information on the Lauriston Gold Project and is evaluating strategic alternatives for value creation.
- Walhalla Gold Belt Project: located in the state of Victoria, Australia, the Walhalla Gold Belt Project consists of over 1,400 km2 of concessions, including the numerous historical mining operations and the recently acquired Woods Point land package. The Walhalla Gold Belt Project contains a high-priority greenfield target called Pinnacles. Extensive soil geochemistry has highlighted a 400m x 1,100m gold mineralized aplitic dyke which contains disseminated sulphides and outcrops at surface. The Pinnacles target is fully permitted and ready for drilling.
The Company also holds a number of other core mineral projects, including the Tinga Valley Project in PNG, and non-core assets, which are located in Australia. Certain non-core assets, such as the Golden Mountain and Everton Projects in Australia, are in the process of being divested.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Great Pacific Gold cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Great Pacific Gold's limited operating history, its exploration and development activities on its mineral properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Great Pacific Gold does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248671
FAQ
How much did Great Pacific Gold (FSXLF) receive for selling its Australian projects?
What are the milestone payments in the FSXLF Reedy Creek sale agreement?
What are the resale restrictions on Golden Cross shares received by FSXLF?
When did Great Pacific Gold (FSXLF) complete the sale of its Australian properties?
