Woodjam Copper to fully acquire British Columbia copper-gold project from Gold Fields - SNL Financial
Consolidated Woodjam Copper Corp. said Aug. 13 that it agreed to fully acquire a Gold Fields Ltd. subsidiary that owns a 51% interest in the Woodjam copper-gold project in British Columbia.
Woodjam Copper optioned the Woodjam North and South projects in 2009 and 2010, respectively, to Gold Fields.
The transaction will give Woodjam Copper full control over the project.
The company will issue 12,285,463 new shares to Gold Fields, which will increase the latter's holding in Woodjam Copper to 19.9%. Meanwhile, Gold Fields' owned Woodjam Copper shares will be topped-up to a maximum of 50 million additional shares in three years without further consideration, with its stake in Woodjam Copper capped at 19.9%.
In addition, Gold Fields will also retain a 2% net smelter return royalty over the project land, which can be reduced to 1% upon paying C$5 million in cash.
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