19.9 C
Supported byspot_img

Outback Goldfields expands presence in Finland with acquisition of Sakumpu Exploration

Member of Europium Groupspot_img
Supported byspot_img

Vancouver-based mining company, Outback Goldfields, has finalized a definitive agreement to acquire Sakumpu Exploration, the Finnish subsidiary of S2 Resources. This acquisition involves the transfer of S2’s gold project portfolio in Finland to Outback Goldfields.

In March 2024, Outback Goldfields signaled its interest in acquiring these Finnish gold projects through a letter of intent (LOI). Following a thorough due diligence process, both parties are now moving forward with the transaction, adhering to the terms outlined in the LOI.

As per the acquisition terms, Outback Goldfields will acquire Sakumpu Exploration for a total consideration of C$7 million. However, this transaction is subject to Outback completing a C$5 million non-brokered private placement, which was previously announced. The shares issued as part of the consideration will be valued at the same price as those offered in the private placement.

Supported by

S2 anticipates that this deal will expedite the exploration of its gold assets in Finland, which it considers to be highly promising.

Chris Donaldson, CEO of Outback Goldfields, expressed excitement about the impending acquisition, stating, “We are thrilled to be nearing the completion of the transformative acquisition of S2’s promising projects in the Central Lapland Greenstone Belt of Finland. The projects we are acquiring are situated in a globally significant gold district, home to Agnico Eagle’s Kittilä Mine, Europe’s largest gold mine. Upon closing the transaction, Outback will have control over land housing a significant gold discovery, two separate joint ventures with Kinross Gold and Rupert Resources, as well as other strategically important 100%-owned assets.”

Supported byElevatePR Digital

Related News

Unlocking renewable energy potential: The role of renewable hydrogen in storage and decarbonization

Renewable electricity can be effectively stored by converting it into renewable hydrogen or ammonia through the process of electrolysis. These fuels can be utilized...

Empowering renewable energy: Harnessing the potential of renewable hydrogen for storage and decarbonization

Batteries play a crucial role in providing short-term flexibility to the energy system, offering advantages such as geographical and sizing flexibility. Unlike some other...

Energy storage: Enabling clean alternatives and job creation in coal-dependent regions

Energy storage is particularly relevant to carbon-intensive and coal regions, as it provides a cleaner alternative to hard-to-abate industries and traditional fossil-fuel-powered thermal plants...

Transforming Europe’s energy grid: The essential role of energy storage in the renewable transition

As European countries strive to transform their energy systems, policymakers, regulators and energy sector planning agencies are increasingly faced with complex decisions about developing...
Supported by
Supported by
Supported by
error: Content is protected !!