United States

Saracen Mineral sells King of the Hills gold mine to Red 5 Ltd

Thursday, 3 Aug 2017 03:01am EDT 

Aug 3 (Reuters) - Saracen Mineral Holdings Ltd :Agreement to sell King Of The Hills.Entered into binding agreement to sell the King Of The Hills gold mine to Red 5 Limited for total proceeds of A$16 million.The consideration for King Of The Hills comprises A$7 million upfront cash; 90 million red 5 shares; escrowed for 12 months;.Red 5 intends to undertake rights issue on 1-for-3 basis at issue price of A$0.05 per share to raise up to A$12.7m . 

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