Strickland Metals Limited entered into a binding share sale and purchase agreement to acquire Zlatna Reka Resources d.o.o. from ISIHC Ltd for AUD 55.7 million.

Strickland Metals Limited (ASX:STK) entered into a binding share sale and purchase agreement to acquire Zlatna Reka Resources d.o.o. from ISIHC Ltd for AUD 55.7 million on April 17, 2024. The consideration consists of AUD 0.75 million in cash, AUD 45.6 million in common equity, by the issue of approximately 380 million shares, AUD 6.8 million in options by the issue of 50 million unlisted options, AUD 0.38 million was paid towards liabilities and AUD 2.22 million was paid by the issue of 18.5 million shares or AUD 1.7 million in cash will be paid to the noteholders. Upon completion, Mr Paul L?Herpiniere is to be appointed as Managing Director and Dr Jon Hronsky is to be appointed Non-Executive Director.

Andrew Bray retires as Chief Executive Officer, however will remain as a consultant. The transaction is subject to Strickland obtaining shareholder approval and any third party approval. The completion is set to occur on July 1, 2024.