Minerals 260 (ASX:MI6) executed binding documentation to acquire 100% of the Bullabulling gold project in Western Australia from Norton Gold Fields, a unit of Zijin Mining Group, for a total consideration of AU$166.5 million, according to a Tuesday Australian bourse filing.

The consideration consists of AU$156.5 million cash consideration and AU$10 million scrip consideration, with the number of fully-paid ordinary shares to be issued, based on the issue price used for the proposed equity raise, the filing said.

It plans to fund the proposed deal via an equity raise to be conducted by way of a non-underwritten public

offer. The completion of the deal is subject to shareholder and regulatory approvals, a successful equity raise, and additional standard conditions, the filing added.

Minerals 260 plans to begin an 80,000-meter reverse circulation and diamond core infill and resource extension drilling campaign, immediately after completion of the proposed acquisition, per the filing.