Siren Gold Limited has signed an agreement to sell the Reefton Project for AU$20 million

Siren Gold Limited (ASX: SNG) made a significant move by entering into a definitive agreement dated 14 July 2024 with Reefton Acquisition Corp. The deal, which involves RUA's acquisition of 100% of the capital of Reefton Resources Pty Ltd., a wholly owned subsidiary of Siren, for AU$20 million in cash and shares of RUA, is a significant development for Siren. Reefton Resources, which owns 100% of the tenements that comprise Siren's Reefton Project, will provide Siren with a cash payment of AU$ 2 million and AU$ 18 million in common shares of RUA. Following the completion of the transaction, Siren would own approximately 30.2% of the currently estimated issued and outstanding RUA Shares.

This deal will establish RUA as the primary landholder in the region, with about 1,242 km of tenements in the historical Reefton Goldfield. After the transaction's completion, RUA will be well-positioned as the leading gold explorer on the Reefton Goldfield in New Zealand, with a pro forma market capitalization of approximately AU$ 64.9 million.

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