Gladiator Resources (ASX: GLA) completes purchase of Zeus – The Market Herald

• Gladiator Resources (GLA) completes purchase of Zeus Resources
• The company has entered into a share purchase agreement (SPA) with Zeus and its existing shareholders to fully acquire the issued share capital.
• According to SPA, Gladiator agrees to issue a total of six million shares as a reward for Zeus shares
• In addition, another 24 million shares of Zeus suppliers after completing certain stages in three different tranches
• Shares of GLA rose 4.76 percent and traded up 2.2 cents as of 2:50 p.m. AEST

Gladiator Resources (GLA) has completed the purchase of Zeus Resources.

The company has entered into a share purchase agreement (SPA) with Zeus and its existing shareholders to fully acquire the issued share capital.

According to SPA, Gladiator will issue a total of six million shares as a reward for Zeus shares under certain conditions.

It was also agreed to issue another 24 million shares to Zeus suppliers after completing certain stages in three different tranches.

The first tranche will issue 12 million shares after the official submission of all applications regarding housing.

The second and third tranches will issue six million shares each after completing a positive benchmark study and setting drilling targets in each apartment respectively.

However, within the 3-month period since shareholder approval, as required by ASX listing rules, these milestones have not been reached due to delays in obtaining some regulatory permits in Tanzania.

Prior to the acquisition, Zeus was the registered owner of seven very promising research apartment buildings in Tanzania. The cottages cover more than 1,170 square kilometers and are promising for several goods.

Shares of GLA rose 4.76 percent and traded 2.2 cents as of 2:50 p.m. on AEST.