en.Wedoany.com Reported - Lexington Gold has signed a binding share sale agreement to sell all issued shares of its subsidiary, Global Asset Resources, to GoldOz.
Through this transaction, Lexington Gold will transfer its 51% interests in three gold projects in North Carolina, USA—Jennings Pioneer, Jones-Keystone-Loflin, and Carolina Belle. These projects are located in the Carolina Slate Belt, covering approximately 1,326 acres. The slate belt, situated in the southeastern United States, is renowned for its gold-bearing geology and numerous historical and modern significant gold deposits.
Under the terms of the agreement, Lexington Gold will receive an upfront payment of A$25,000 (US$17,248) and an additional A$325,000 upon completion of the transaction. Additionally, the company is expected to receive 25,500,000 new shares in GoldOz, representing approximately 36.7% of GoldOz's issued share capital upon its relisting on the Australian Securities Exchange (ASX). The arrangement also grants Lexington Gold a 1% net smelter return royalty on the US projects. The agreement does not include the 49% interest held by Uwharrie Resources, which will be addressed through an amended joint venture implementation agreement with GoldOz and other parties.
Completion of the transaction is subject to several conditions, including GoldOz raising seed capital, signing the amended joint venture agreement, obtaining necessary ASX approvals, shareholder consent from GoldOz, and GoldOz's successful relisting on the ASX.
Lexington Gold stated that the transaction aims to realize value for shareholders from its US portfolio while retaining exposure to future growth potential. The company plans to focus its management efforts and resources on its South African assets, including the Jelani joint venture project, which has a JORC-compliant mineral resource estimate of approximately 6.02 million ounces of gold. Lexington Gold CEO Bernard Olivier noted that the transaction structure is designed to ensure the company retains significant exposure to the future growth of its US project interests while helping to create a dedicated ASX platform to advance these assets. Among these US projects, Jones Keystone Loflin has a JORC-compliant inferred mineral resource estimate of approximately 323,500 ounces of gold, while Jennings Pioneer and Carolina Belle offer further exploration prospects.
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