Australia-based Meteoric Resources has announced its plans to acquire 100% of the issued capital of Cobalt Canada under three separate agreements for 60 million shares and A$30,000 ($20,000) in cash.
The company also intends to raise approximately A$1.38m ($1.03m) through a placement of up to 126 million shares, priced at A$0.011 ($0.008) a share, to strategic and sophisticated investors in order to fund the acquisition.
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The issue will be completed in two tranches of 63.2 million shares and 62.8 million shares, subject to approval from shareholders.
Meteoric Resources holds a portfolio of exploration projects, while Cobalt Canada holds the rights to acquire three highly prospective cobalt exploration projects.
UK firm Ruffer has announced the acquisition of 10% of the total issued ordinary share capital of DRDGOLD, a company based in South Africa.
Ruffer is an investment company, while DRDGOLD is involved in gold mining.
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