OD6 Metals (ASX:OD6) completed the acquisition of the Gulf Creek Copper project in New South Wales via the issue of 6 million shares and a cash payment of AU$150,000, according to a Wednesday filing with the Australian bourse.

Once the company starts the second phase of drilling at the project, it will issue shares worth AU$200,000 to the seller, subject to shareholder approval, the filing said.

Without the need for shareholder approval, the company will make a cash payment of AU$200,000 to the seller within five business days of the shareholder meeting.

Shares of the company rose past 3% at market close Wednesday.