GBM Resources Ltd. signed a binding heads of agreement to acquire the Twin Hills gold project from Minjar Gold Pty Ltd., a second deal between the companies this month.
The company will pay A$1.5 million in cash and issue 50 million common shares, according to the Dec. 22 release.
The Twin Hills project area consists of three exploration permits and one mining lease with a total area of about 200 square kilometers.
The deal is scheduled to be executed on Feb. 28, 2018.
Earlier this week, GBM signed a nonbinding term sheet to sell ore from the Koala and Glen Eva deposits at its Mount Coolon gold project in Queensland, Australia, to Minjar Gold for processing at its Pajingo gold operation.