Richmond Hill signs binding agreement in relation to £3.3 million Quebec licence acquisition
On or before the completion date of the proposed transaction, Bulawayo CC Ventures Ltd, which is owned by Three Mile, will be the 100% legal and beneficial owner of the exploration licences, detailed in Richmond Hill’s initial announcement regarding the transaction on 12 March 2025.
Richmond Hill proposes to acquire the entire issued share capital of Bulawayo from Three Mile.
The consideration payable by Richmond Hill for Bulawayo is expected to be £3.3 million in aggregate, satisfied in a combination of shares in Richmond Hill and cash. The number of
The Proposed Transaction is conditional on a number of conditions being satisfied or waived on or before 30 June 2025, including the completion of Richmond Hill’s own due diligence, and the entering of the parties into a share purchase agreement.
It will also be a condition precedent to completion of the transaction that Richmond Hill's entire issued share capital will be admitted to trading on Aim, and that an Aim admission document will be published.
At the core of the transaction is the Saint Sophie copper project, which spans 87 square kilometres and is located in the Beauce region of Quebec, 60 kilometres south of the Becancour Battery Park and 150 kilometres North-East of Montreal.
The project is comprised of multiple worked indices and historic mines of high-grade native copper, hosted in sedimentary rock and epithermal vein systems, with 146 claims.
Grades are known to run as high as 55% in grab samples, with other high grade returns from trenching. High grade silver, gold and molybdenum has also been identified.
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Market regulations deem this deal a reverse takeover, and it’s not hard to see why. The deal will be transformative for Richmond Hill, and will bring a suite of highly prospective exploration properties into the company. The deal also looks useful for Gunsynd PLC, which owns 5.9% of Richmond Hill
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