Regener8 Resources divests Kookynie Project for $2.5M
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- Regener8 Resources signed a binding agreement to sell its Kookynie Gold Project to Goldarc.
- The transaction includes $1.5 million in upfront shares and $1 million in contingent payments.
- The sale allows Regener8 to shift its core focus to the Srebrenica North Project.
Regener8 Resources (ASX:R8R) has agreed to sell its Kookynie Gold Project to Goldarc Resources (ASX:GA8) for $2.5 million.
The transaction hands full ownership of seven prospecting licences to Goldarc as Regener8 reshapes its asset portfolio.
Under the binding agreement, Regener8 will receive $1.5 million in upfront Goldarc shares issued at $0.07 each.
An additional $1 million contingent payment relies on Goldarc defining a 100,000-ounce gold resource within five years.
Following the announcement, the Regener8 share price was unchanged at $0.12.
Regener8 stated the divestment enables total operational focus on its Srebrenica North Project in Bosnia and Herzegovina.
The company recently completed Phase 1 soil sampling across the Zanik and Chaush prospects within that European tenure.
