M&As this week: Aspire Mining, WCB Resources
Aspire Mining has acquired a 50% stake in Coalridge from Noble Group subsidiary Logarta in an all-stock transaction.
The deal is expected to increase Noble's shareholding in Aspire from 9.54% to 18.20%.
Aspire Mining will issue 66,666,667 shares valuing A$1.33m ($1.05m) to Logarta, and 66,666,667 options to subscribe for shares in Aspire at the same price and terms.
Coalridge is a joint venture company established in respect of the Ekhgoviin Chuluu Joint Venture (ECJV).
Aspire Mining is an Australia-based metallurgical coal and infrastructure company, while Coalridge and Logarta are based in the UK.
Canada-based mineral exploration and development company WCB Resources is set to merge with Kingston Resources after signing a heads of agreement (HoA) contract.
Kingston Resources will issue shares to acquire all the issued and outstanding securities of WCB Resources.
Each WCB Resources shareholder will receive 4.5 Kingston Resources ordinary shares for every common share held by them.
WCB Resources shareholders will hold a 31% stake in the merged entity, while existing Kingston Resources shareholders will hold 69% upon completion of the merger.