Deals this week: Valor Resources, Rockcliff Copper, Andy's Earthmovers
Australian exploration company Valor Resources Limited is intending to raise A$2.2m ($1.68m) in private placement of shares.
The company plans to raise the funds in two tranches, by offering 50 million fully paid ordinary shares at a price of A$0.01 ($0.007) a share to raise A$0.5m ($0.38m) in the first tranche and 170 million fully paid ordinary shares at a price of A$0.01 ($0.007) a share to raise A$1.7m ($1.3m) in the second tranche.
Proceeds are intended to be used for working capital purposes and to accelerate and expand the company’s exploration programmes.
Rockcliff Copper has acquired Penex zinc property located in Snow Lake, Manitoba, Canada.
Located less than 200m from Hudbay’s high-grade Pen zinc deposit, the Penex property hosts the down dip continuation of the Pen deposit.
Penex becomes part of Rockcliff’s Snow Lake project, a high-grade base and precious metals property, following the acquisition.
Andy's Earthmovers has received a contract from CuDeco, a copper producer based in Australia, to resume Stage 1 of production at Rocklands Copper Mine.
The contractor will be responsible to provide full-service mining, including fleet and road maintenance, as part of the contract.
Santacruz Silver Mining has agreed to transfer its interest in the El Gachi Property in Sonora State, Mexico, to First Majestic Silver. The site spans 48,057ha.
The purchase consideration for the sale is $2.5m, subject to VAT adjustments.
Sale proceeds are intended to be used by Santacruz to partially repay its outstanding loan to JMET and Minera Hochschild Mexico.