RooGold Inc (CSE: ROO) has closed on the acquisition of its mineral properties. The firm this morning indicated that it has closed on the indirect acquisition of Great Southern Precious Metals Pty Ltd, via the purchase of a numbered company that currently holds the asset.
Collectively, Great Southern Precious Metals owns a nine properties in New South Wales, Australia that are either past producing or exploratory in nature for gold and silver. Historically, both of the precious metals have been produced across the properties, with the holdings having a total of 93 historic mines and prospects.
In terms of historical data, the properties feature grades of up to 384 g/t gold and 1,200 g/t silver. The high grades are a result of the properties being controlled by regional structures and contacts renowned for their precious metal mineralization, with one property found along the Peel-Manning fault system.
Under the terms of the acquisition of the numbered company holding the land assets, the firm issued a total of 20 million shares. Shares issued are subject to a voluntary lock-up arrangement, with 25% being released every 6 months starting at the end of February, 2022.
RooGold last traded at $0.21 on the CSE.
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