Namibia Critical Metals Inc. has mutually terminated the share purchase agreement with Sylla Gold Corp. to divest four non-material gold properties in Namibia.
The companies announced the share purchase agreement on March 19, 2024, and updated it on June 13, 2024.
Sylla Gold Corp. is a Canadian junior gold exploration company focused on acquiring gold properties in West Africa.
Namibia Critical Metals wanted to divest four non-material gold properties—Grootfontein, Erongo, Otjiwarongo, and Kaoko—and certain associated assets.
Under the agreement, Sylla was to acquire Namibia Critical Metals’ 95% interest in its Namibian subsidiaries, which own the rights and title.
Namibia Critical Metals wanted to focus entirely on advancing its Lofdal Heavy Rare Earth Project and is working to deliver a Pre-Feasibility Study (PFS) in H2 2024.
Sylla Gold was to issue to Namibia Critical Metals 3,000,000 common shares at a deemed issuance price of $0.05 per common share and pay US$100,000.
