Resources & Energy Group (ASX:REZ) is set to sell its Mount Mackenzie gold project in Queensland to QMines (ASX:QML) for AU$2.5 million, according to a Tuesday filing with the Australian bourse.
The consideration comprises AU$1 million in cash and the issues at 33 million QML shares at AU$0.045 each, the filing said.
Completion is subject to shareholder approval, due diligence, and tenement standing, with settlement expected within 10 business days upon meeting conditions, the filing added.
Shares of Resources & Energy jumped 19% in recent Tuesday trade.
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