Strickland Metals Limited Acquires Rogozna Project in Serbia

25/04/2024

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Strickland Metals Limited has finalized a binding share sale and purchase agreement (SPA) with ISIHC Ltd, a subsidiary of Ibaera Capital Fund LP, for the complete acquisition of Betoota Holdings Ltd (Betoota). Betoota, the proprietor of Zlatna Reka Resources d.o.o., possesses 100% ownership of the Rogozna Project, spanning four exploration licenses across approximately 184 km2 in the Trepca mining district of the southern Republic of Serbia. The project boasts a JORC compliant Inferred Mineral Resource amounting to 5.44 million oz Au Eq, supported by extensive historical drilling of 100,000 m, indicating significant exploration potential. Outgoing Chief Executive Officer Andrew Bray expressed enthusiasm over the acquisition, highlighting the strategic utilization of the company’s robust financial position to unlock substantial value for Strickland shareholders. The acquisition, primarily facilitated through the issuance of escrowed Strickland scrip, constitutes approximately 19.4% of the post-transaction capital structure. Serbia’s established mining jurisdiction and the project’s considerable upside potential in gold, copper, and zinc underscore the strategic significance of this acquisition. Strickland Chairman Anthony McClure commended Bray for his instrumental role in leading the company’s growth and expressed confidence in leveraging the strong balance sheet for further value creation.

Source and Credit: globalminingreview.com