The Gold Ridge Community Investment Limited (GCIL) has signed a ‘Heads of Agreement’ with Frontier Resources Limited.
Documents obtained by SIBC News indicates the agreement allows Frontier Resources Limited to acquire 80 percent of the Gold Ridge mine project.
The document also reveals Frontier will issue a 19.9 percent equity in ordinary shares to the Gold Ridge Community Investment Limited and defer 20 percent interest into production which will be repayable from 50 percent of their pro-rata profits.
