Company Overview and News
Geopacific Resources has acquired a majority stake in Kula Gold after the takeover target’s largest shareholder accepted Geopacific’s recently increased offer.
Perth-based Geopacific Resources has put forward a takeover bid for its joint venture partner, gold-focused Kula Gold, in an all-scrip deal that values the target at about $9.3 million.
Geopacific Resources (ASX:GPR) has received new assay results intersecting up to 21 metres at 3.27 g/t gold at the Woodlark Gold Project in Papua New Guinea.
Kula Gold (ASX:KGD) has received further ongoing high grade gold assays from its drilling program at the flagship Woodlark Island Project in Papua New Guinea.
Perth-based explorer Kula Gold says it could save $US25 million, or 27 per cent, in the costs of building its Woodlark Island gold project in Papua New Guinea if done so in the current economic environment.
Kula requested the halt pending drill results on the Woodlark Island Gold project as announced by JV partner, Geopacific Resources (ASX:GPR), on 25 January 2017 and to engage a competent person to sign off on the competent person statement.
A record high Australian dollar price in June has provided a tailwind for the state’s gold sector, and 2017 is looking to be a similarly positive year.
Local explorer Geopacific Resources has kicked off a $15 million capital raising to fund the earn-in, and development, of the Woodlark gold project in Papua New Guinea.
Perth-based explorer Geopacific Resources has entered into an agreement to farm-in to Kula Gold’s Woodlark Island gold project in Papua New Guinea, in a deal worth up to $18.6 million.
Kula Gold Ltd (ASX:KGD) has been granted a trading halt by the ASX, pending details of an agreement concluded on the company’s Woodlark Island Gold project in Papua New Guinea. The halt will remain in place until the opening of trade on Monday 11th July 2016, or earlier if an announcement is made to the market.
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