Austral Gold Limited, a well-established gold producer, has successfully completed the sale of shares to its largest shareholder, Inversiones Financieras del Sur SA Sociedad Anonima (IFISA). The subsidiary of Austral Gold, Austral Gold Canada Limited (AGCL), finalized the transaction in accordance with a share purchase agreement dated July 24, 2024.
Under the agreement, AGCL sold 8,139,023 previously issued common shares of Unico Silver Limited (Unico) to IFISA at a price of A$0.1863 per share. This amounted to a total cash consideration of A$1,516,300 (US$987,869/CDN$1,367,804). The sale price was determined based on the greater value between A$0.1863 per share, which represents the five-day volume weighted average price for Unico shares on the ASX, and the closing price on the trading day immediately prior to the closing date, which was A$0.1750 as of August 2, 2024.
Austral Gold’s directors, Eduardo Elsztain and Saul Zang, who are also directors and shareholders of IFISA, played a key role in the transaction. The sale of shares aligns with Austral Gold’s strategic focus on three pillars: production, exploration, and equity investments. The company aims to build a portfolio of high-quality assets in the Americas, further advancing its growth strategy.
For more information about Austral Gold and its operations, please visit their website at www.australgold.com.