M&As this week: Mount Ridley Mines, Cobalt Power Group

16 February 2018 (Last Updated February 16th, 2018 10:38)

Australian mineral exploration company Mount Ridley Mines plans to acquire Prometheus Developments, a gold and diamond exploration company based in Singapore. 

Australian mineral exploration company Mount Ridley Mines plans to acquire Prometheus Developments, a gold and diamond exploration company based in Singapore.

Mount Ridley will issue 1.59 billion fully paid ordinary shares to Prometheus Developments, as purchase consideration for the acquisition.

Cobalt Power Group has entered a share purchase agreement with Ontario Cobalt Property Developers to fully acquire the latter.

Cobalt Power will issue 15 million common shares priced at C$0.24 ($0.19) a share to raise C$3.6m ($2.86m), as part of the agreement.

Based in Canada, Cobalt Power is focused on mineral exploration, while Ontario Cobalt is a privately held mineral exploration company also based in Canada.

Contract mining services provider Macmahon Holdings has signed an agreement to acquire TMM Group either in cash or by issuing shares.

The target company specialises in providing civil construction, operations and maintenance services to the coal mining industry.

“Cobalt Power will issue 15 million common shares priced at $0.19 a share to raise $2.86m, as part of the agreement.”

Both companies involved in the acquisition are based in Australia.

Mitchell Services’ wholly owned subsidiary Well Drilled has agreed to acquire 100% stake in Radco Technologies and Radco Group for A$5.3m ($4.13m).

The acquirer company provides drilling services, while the target companies are engaged in providing underground coal drilling and gas drainage services.

All companies involved in the transaction are based in Australia.

enCore Energy has reached an agreement to acquire Metamin US (MEUS), a wholly owned subsidiary of Metamin Enterprises, for C$200,000 ($150,000).

enCore Energy will pay C$55,000 ($43,719) in cash, as well as issue three million shares priced at C$0.05 ($0.03) a unit to Metamin US to raise proceeds of C$150,000 ($110,000), as part of the transaction.

enCore Energy is a uranium exploration company, while Metamin US is engaged in uranium mining. Both companies are based in Canada.