Black Cat Syndicate (ASX:BC8) entered into a binding agreement with Westgold Resources (ASX:WGX) to acquire the operating Lakewood processing facility in Western Australia for a consideration of AU$85 million, according to a Tuesday Australian bourse filing.
The consideration will consist of AU$70 million in cash, in staged payments over nine months, and AU$15 million in Black Cat shares at an issue price of AU$0.76 per share and escrowed for 12 months from the date of issue.
The acquisition is subject to completion to occur on or before March 31.
The firm said the acquisition will allow it to produce more gold sooner, with expanded throughput capacity from 800,000 tonnes per annum to 1.2 million tonnes per annum.
Black Cat is now fast-tracking mining activities at its Kal East gold project, also in Western Australia.
Black Cat's shares rose 4% on a recent Tuesday trade.
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