Deals this week: Explorex, Metals Australia, Great Atlantic Resources

16 February 2018 (Last Updated February 16th, 2018 12:06)

Explorex Resources has signed a letter of intent with Great Atlantic Resources to acquire a 75% stake in the latter’s Kagoot Brook cobalt project located in New Brunswick, Canada. 

Explorex Resources has signed a letter of intent with Great Atlantic Resources to acquire a 75% stake in the latter’s Kagoot Brook cobalt project located in New Brunswick, Canada.

Explorex has agreed to make a cash payment of C$25,000 ($19,000) and issue C$75,000 ($59,000) of shares upon signing a definitive agreement.

In addition, the company has agreed to pay C$750,000 ($590,000) over a period of four years.

The two companies have agreed to form a joint venture, following the stake purchase.

Both the companies involved in the transaction are based in Canada and are engaged in mineral exploration.

Metals Australia has raised A$3.14m ($2.47m) in a private placement of 627 million shares priced at A$0.005 ($0.004) a share.

The subscribers were granted a free attaching option on a one-for-one basis to acquire shares at a price of A$0.01 ($0.007) per option before May 2020.

Based in Australia, Metals Australia is engaged in zinc exploration.

Great Atlantic Resources has acquired the Mascarene cobalt-copper-nickel-gold property from two private New Brunswick companies through an option agreement.

Located in south-west New Brunswick, the property covers an area of 2,080ha.

Great Atlantic will make cash payment of C$200,000 ($150,000) over a five-year period, under the agreement.

“Located in south-west New Brunswick, the property covers an area of 2,080ha.”

Based in Canada, Great Atlantic Resources is engaged in the exploration of gold, zinc, tungsten, and antimony.

eCobalt Solutions has agreed to raise C$26m ($20.66m) through the private placement of 20 million units priced at C$1.30 ($1.03) a unit.

Each unit issued under the placement will comprise a common share and one-half of one common share purchase warrant, which will entitle the holder to purchase an additional common share at C$1.95 ($1.54) within 18 months of offer closure.

The underwriters will also be granted an option to purchase up to three million additional units for C$30m ($23.84m) at the offer price within 30 days from offer closure date.

The Canadian mineral exploration and mine development company has engaged TD Securities as the underwriter for the transaction.

Resource Capital Gold has agreed to raise C$5m ($3.97m) in a non-brokered private placement of securities and units.

The securities comprise units priced at C$0.09 ($0.07) each, which will be issued on a flow-through (FT) basis.

The units will be priced at C$0.10 ($0.08) each and will comprise one common share and one half of one common share purchase warrant.

Based in Canada, Resource Capital Gold is engaged in the exploration and development of precious metals.

Nitinat Minerals has agreed to issue two million common shares priced at C$0.17 ($0.13) a share to raise C$340,000 ($270,000) in a non-brokered private placement.

Based in Canada, Nitinat Minerals is a base and precious metals exploration company.