Deals this week: MGX Minerals, Millennial Lithium, Komet Resources
MGX Minerals has completed the acquisition of the Pond magnesium occurrence and Marysville magnesium project from Teck Resources, formerly known as Consolidated Mining Company of Canada – COMINCO.
The Pond dolomite occurrence is 60km north of Cranbrook, British Columbia, Canada, where eight drill holes have been completed and two mineralised zones have been outlined by the previous operator.
Marysville is located 25km north of Cranbrook, British Columbia, and covers an area of approximately 480ha.
Millennial Lithium (formerly Redhill Resources) and an undisclosed Argentinean vendor have entered a binding property purchase agreement. This is based on Millennial Lithium wholly acquiring a lithium project from the Argentinean vendor, located in Salta Province Argentina, in exchange for $3.2m in cash and stock.
The agreement also entails a grant of 1.5% net smelter royalty (NSR) to the vendor, which Millennial has the option to repurchase by paying the vendor $3m.
Komet Resources (Komet) has announced that subscription to the company’s 13,129,567 common shares issued through a non-brokered private placement has been completed. Top Premier has acquired 6,564,784 common shares, while Dynamics Management acquired the remaining 6,564,783.
The common shares were issued at a price of C$0.36 ($0.27) each, for gross proceeds of C$4.7m ($3.64m). Komet intends to use the proceeds for procurement of production-related equipment and for exploration activities on the company’s properties.
Corvus Gold has announced that Osisko Mining has subscribed to the 2.55 million common shares issued by the former in a non-brokered private placement.
The shares were priced at C$1.02 ($0.78) each with no warrant, for gross proceeds of C$2.6m ($2m), representing approximately 2.8% of the outstanding common shares.
The proceeds from the offering will be used to speed-up the company’s North Bullfrog exploration programme in 2016 and beyond.