Deals this week: Desert Lion Energy, Rockcliff Metals, MOD Resources

25 January 2019 (Last Updated January 24th, 2019 10:41)

Desert Lion Energy has completed the acquisition of Exclusive Prospecting License (EPL) 5718, which covers a 200km² area.

Desert Lion Energy has completed the acquisition of Exclusive Prospecting License (EPL) 5718, which covers a 200km² area.

Along with the planned acquisition of EPL 5555, the deal will increase the company’s ground holdings in Namibia to 1,054km².

Desert Lion has paid C$130,000 ($97,288) in cash, in addition to issuing 80,906 common shares for the acquisition.

Based in Canada, Desert Lion is a mining and development company focused on lithium exploration and production.

Rockcliff Metals has signed a letter of intent (LOI) with RNC Minerals to acquire 14 properties in Snow Lake, Manitoba, Canada.

“The transaction is subject to approval from the TSX Venture Exchange and a formal purchase agreement, which is expected to be made by 31 January.”

The acquisition will be made from RNC’s wholly owned subsidiary, VMS Ventures. Rockcliff has agreed to issue 2.2 million of its common stock shares to RNC, under the transaction.

The transaction is subject to approval from the TSX Venture Exchange and a formal purchase agreement, which is expected to be made by 31 January.

Rockcliff is a resource and exploration company engaged in exploring and developing high-grade gold properties, while RNC is a mining company focused on developing its Beta Hunt gold project in the Kambalda district in Canada.

Both the companies involved in the deal are based in Canada.

MOD Resources has raised $15m for the development of the T3 Copper Project located in Botswana.

The company will use the funds for conducting further drilling activities at the project. Feasibility study of the project is currently underway, while the decision to mine is expected to be taken by the first half of this year.

Based in Australia, MOD Resources is an exploration and development company focused on producing copper.