IronRidge Resources Ltd (LON:IRR) has completed the sale of its non-core May Queen gold project in Queensland to Australasian Gold Ltd (AGL).
IronRidge will receive 4.5mln shares representing 28.1% of the enlarged share capital of Australasian Gold.
IronRidge will also invest A$100,000 at A$0.10 per share to provide Australasian Gold with additional working capital, taking the total holding to 32.3%.
"We are pleased to be partnering with AGL on the divestment of our non-core May Queen gold project in South East Queensland, Australia,” said Vincent Mascolo, chief executive of IronRidge in a statement.
“The divestment provides IronRidge with significant project upside through exploration success, to be led by AGL, whilst allowing the company to intensify capital focus and managerial momentum on our core suite of gold and lithium assets in Africa.”