Rua Gold Inc. (CNSX:RUA) agreed to acquire Reefton Project of Siren Gold Limited from Siren Gold Limited (ASX:SNG) for AUD 20 million on July 14, 2024. A cash consideration of AUD 2 million will be paid by Rua Gold Inc. The consideration consists of 83.93 million common equity of Rua Gold Inc. having a value of AUD 18 million to be issued for assets of Reefton Project of Siren Gold Limited. As part of consideration, AUD 20 million is paid towards assets of Reefton Project of Siren Gold Limited.

The transaction is subject to approval of offer by acquirer shareholders, approval of offer by target shareholders and consummation of due diligence investigation. The expected completion of the transaction is October 1, 2024 to December 31, 2024.

Red Cloud Securities, Inc. acted as financial advisor for Siren Gold Limited. Steinepreis Paganin acted as legal advisor for Siren Gold Limited. Cassels Brock & Blackwell LLP acted as legal advisor for Siren Gold Limited. Cormark Securities Inc. acted as financial advisor for Rua Gold Inc. McMillan LLP acted as legal advisor for Rua Gold Inc. Simpson & Grierson acted as legal advisor for Rua Gold Inc.