(MENAFN- ProactiveInvestors - Australia) Alicanto Minerals (ASX: AQI) has signed a share purchase agreement with Takara Resources (TSX-V: TKK) to acquire all of the shares in its wholly owned subsidiary StrataGold Guyana.
StrataGold Guyana owns the Arakaka and Tassawini Gold Projects, which span 550 square kilometres, and are located within the highly prospective North West Guyana Shield in South America.
About US$40 million (A$38.3 million) has been spent on the projects to date.
There is an extensive amount of exploration data, including first class Newmont Mining Joint Venture datasets, which Alicanto is continuing to review.
Deal terms
Under the agreement, Alicanto has paid a cash deposit of C$100,000 (A$96,676) and is required to meet StrataGold's carrying costs for December, January and February of about C$120,000 in total.
Alicanto must then make a cash payment of C$500,000, adjusted for any liabilities in excess of C$45,000, on completion of the agreement.
The transaction is subject to certain conditions including government and regulatory approvals.
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