ASX-listed and TSX-V listed Austral Gold has made moves to acquire TSX-V-listed Revelo Resources Corporation, with the two companies striking a conditional non-binding letter of intent (LoI).
It is proposed the each Revelo shareholder would be given 0.9184 common shares in Austral for each Revelo share held, with Austral to pay an additional C$1.17-million to the Revelo shareholders based on their respective shareholding at the completion date of the transaction.