Binding agreement is subject to Foreign Investment Review Board approval.
Alacer Gold Corp (AQG) has agreed to sell its Australian business unit to a subsidiary of Metals X (MLX) for $40 million in cash.
In a statement to the Australian Securities Exchange, Alacer said Metals X has paid a $10 million deposit, which is non-refundable except if Australian Foreign Investment Review Board approval is not obtained.
Alacer will also retain the right to receive up to $2 million of deferred cash payable from La Mancha Resources for the acquisition of Alacer's 49% interest in the Frog's Leg mine in April.
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