Regener8 Resources divests Kookynie Project for $2.5M

• 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.