Golden State Mining Limited (ASX:GSM) entered into a binding asset sale agreement to acquire Murchison project of Lefroy Exploration Limited (ASX:LEX) for AUD 0.26 million on December 20, 2018. As consideration for the sale, Lefroy Exploration will receive AUD 0.03 million in cash and 1.7 million ordinary shares of Golden State Mining. In addition, Golden State Mining will reimburse Lefroy Exploration for certain agreed expenses associated with the Murchison project which Lefroy Exploration has already pre-paid for the period that covers the post-transaction completion. Shares issued to Lefroy Exploration will be subject to a one-year voluntary escrow period from their date of issue. The transaction is binding and subject only to standard conditions precedent which are expected to be completed within 60 days. New Holland Capital acted as financial advisor while Hewett & Lovitt Pty Ltd acted as legal advisor to Lefroy Exploration.

Golden State Mining Limited (ASX:GSM) completed the acquisition of Murchison project of Lefroy Exploration Limited (ASX:LEX) on January 23, 2019.