Cape Lambert to sell Greek Project for $46.5m‎

ASX-listed Glory Resources has agreed to buy Cape Lambert’s Sappes gold project, in Greece, in a cash-and-share deal worth A$46.5-million.
Glory would pay A$32.5-million in cash on the completion of the acquisition, and would issue 16-million shares to Cape Lambert.
A further A$5-million in cash or Glory shares would be payable at the granting of an operating permit at the Sappes project, with a further A$5-million in either cash or shares payable upon the sale of the first 1 000 oz of gold, or gold equivalent in the case of copper or silver concentrate.
Cape Lambert executive chairperson Tony Sage said on Thursday that the transaction was subject to a number of conditions, including regulatory and government approval, shareholder approval, and Glory completing a A$42.5-million capital raising.