Seduli completes sale of Lincoln Gold Project

MPH acted for Seduli Holdings (Australia) Limited (Seduli) in connection with the sale of its wholly owned US subsidiary Seduli Holdings (USA) LLC (Seduli USA) to ASX-listed Haranga Resources Ltd (Transaction).

Seduli USA, via its wholly-owned subsidiary, holds the Lincoln Gold Project located at Sutter Creek, California (Project) which boasts a historical NI43-101 resource of 286,000 ounces of gold at 9.3 g/t. The Transaction involved an up-front issue of 40,000,000 fully paid ordinary shares in the capital of Haranga Resources Limited (HAR Shares), representing an upfront value of approximately $3.32 million based on the current share price of HAR Shares of approximately $0.08, as well as the issue of 120,000,000 performance rights which will immediately vest and convert into HAR Shares upon the satisfaction of certain performance milestones to be achieved in connection with the Project.

MPH acted on all aspects of the Transaction, including drafting and negotiating the binding term sheet and associated documentation by which the Transaction was effected.

MPH’s team was led by Mark Burchnall (Director) and Taila Childs (Director), assisted by Laura Zollo.