Scotgold Resources Ltd. said March 15 that it agreed to sell its French unit SGZ France SAS to Ikigai Ltd.
SGZ France holds the Vendrennes exploration license and has current applications for the Penlan and Olivet licenses in France. If the Penlan license is granted, Ikigai must immediately offer it to Scotgold for a nominal €1 fee.
Under the deal, Ikigai will pay €100,000 plus further conditional cash payments of up to €900,000 upon meeting certain development milestones.
