12/02/2009 - 11:51

Chalice finalises projects sale to Avoca

12/02/2009 - 11:51

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Chalice Gold Mines has received the final $841,000 payment of the sale of its Higginsville and Chalice gold projects in the Eastern Goldfields to Avoca Resources.

Chalice Gold Mines has received the final $841,000 payment from the sale of its Higginsville and Chalice gold projects in the Eastern Goldfields to Avoca Resources.

Chalice says settlement was achieved with the receipt of tranche two of the deal, consisting of 483,335 Avoca shares, valued at $841,000.

Tranche one was settled in July last year, with Chalice receiving 3.5 million Avoca shares and 2 million, three-year Avoca options.

At the end of the transaction, Chalice said it has $9.4 million in cash and $900,000 of liquid investments.

Shares in Chalice were up 0.5 cents to 9c while shares in Avoca climbed eight cents to $1.84 at 13:56 AEDT.

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