Sylla Gold Corp., a Canadian mining exploration company, has extended the closing date of its share purchase agreement with Namibia Critical Metals (NMI) to 31 August 2024.
The core structure of the deal, originally announced in March 2024, remains unchanged.
The extension provides additional time to finalise regulatory approvals and acceptance by the TSX Venture Exchange.
A release by the mining company shows that the acquisition will still see it secure 95% interest in NMI’s subsidiaries that hold the rights to four key licences: Grootfontein, Erongo, Otjiwarongo and Kaoko.
“The closing date of the transaction has been amended and extended to no later than 31 August 2024. All other terms of the agreement remain in full force and effect,” it reads.
It further said the amended agreement sees Sylla issuing 3,000,000 common shares to NMI at a price of C$0.05 per share, along with a cash payment of C$100,000.
The strategic transaction allows Sylla to expand its Namibian footprint without a significant capital outlay.
“All securities issued pursuant to the acquisition will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws,” the release said.
Sylla Gold Corp. is a Canadian junior mining exploration company focused on acquiring and developing gold properties in Namibia.
The company’s portfolio includes several prospective gold projects strategically located within Namibia’s Central Desert Region.
