Emerald Resources (ASX:EMR) through its wholly owned subsidiary, Emerald Resources (WA), has now become Golden Horse's largest shareholder with 20.5% equity following the divestment of its Southern Cross gold project in the Northern Territory, according to a Monday filing with the Australian bourse.
This is equivalent to 32 million Golden Horse shares at a deemed issue price of AU$0.25 apiece, the filing stated. The subsidiary may receive further deferred consideration of up to AU$3 million in Golden Horse shares contingent upon achieving certain milestones.
The divestment is part of Golden Horse's AU$18 million initial public offering. Golden Horse is poised to join the official list of the Australian Securities Exchange once conditions are satisfied.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.