S2 Resources enters definitive agreement for sale of Finnish subsidiary

S2 Resources Ltd (ASX: $S2R) has entered into a definitive Share Purchase Agreement (SPA) with Outback Goldfields Corporation for the sale of its wholly-owned Finnish subsidiary Sakumpu Exploration Oy. The total consideration for the sale amounts to C$7 million, comprising C$1.5 million in cash and C$5.5 million in shares in Outback.

Executive Commentary

S2 and Outback are working together to conclude this transaction, which will result in a focused and expedited exploration program for the highly prospective Finnish assets.

Summary of Sale of Finland Assets Update

S2 Resources Ltd (ASX: $S2R) has signed a definitive Share Purchase Agreement (SPA) with Outback Goldfields Corporation for the sale of its Finnish subsidiary, Sakumpu Exploration Oy, for a total consideration of C$7 million. The consideration includes C$1.5 million in cash and C$5.5 million in shares in Outback. The transaction is subject to the completion of a C$5 million financing, Toronto Venture Exchange (TSX.V) approval, and Outback shareholder approval. S2 and Outback aim to expedite the exploration program for the Finnish assets as a result of this transaction.