Deals this week: Manas, Panoramic Resources, Fortune Bay

26 January 2018 (Last Updated January 25th, 2018 17:20)

Australian gold exploration company Manas Resources Limited has reached an agreement to acquire an 80% interest in Eburnea Gold Resources Sarl's Bouake Nord project in Cote d’Ivoire, West Africa, for $125,000. 

Australian gold exploration company Manas Resources Limited has reached an agreement to acquire an 80% interest in Eburnea Gold Resources Sarl’s Bouake Nord project in Cote d’Ivoire, West Africa, for $125,000.

Manas Resources will pay $25,000 within 30 days of grant of the project’s permit application as part of the agreement. It will also make $25,000 in annual payments in the first three years and $75,000 in the fourth year.

Panoramic Resources Limited plans to raise A$21m ($16.8m) in a rights offering of shares at a price of A$0.34 ($0.27) each.

Based in Australia, Panoramic Resources is engaged in the exploration of nickel, gold, and platinum.

The company has engaged Euroz as its financial advisor for the transaction.

Fortune Bay Corp has agreed to raise C$750,000 ($590,000) from Numus Capital by issuing 1.875 million units priced at C$0.40 ($0.31) a unit in a non-brokered private placement.

Each unit will comprise one common share and one common share purchase warrant, which entitles the holder to convert it into a common share at an exercise price of C$0.60 ($0.47) within three years.

Fortune Bay is engaged in mineral exploration and development, while Numus Capital is a venture capital firm focused on investing in high-growth companies.

Both companies involved in the transaction are based in Canada.

Western Copper and Gold has agreed to issue up to 2,608,696 units priced at C$1.15 ($0.91) a unit in a non-brokered private placement to raise C$3m ($2.39m).

“Tiger has entered a Royalty Deed with Sinomine HK, which it will receive royalty payments under of up to $20m from the revenue generated by the sale of copper and cobalt.”

Each unit comprises one common share of Western Copper and half of one non-transferable warrant. Each warrant can be used to purchase an additional share for C$1.75 ($1.39) within 24 months from the placement closure .

Based in Canada, Western Copper and Gold is engaged in the exploration of copper, gold, molybdenum, and silver.

Sinomine Fuhai (Hong Kong) Overseas Resource Investment (Sinomine HK) has entered a $260m share purchase agreement to acquire Tiger Resources’ interests in its mining and exploration assets in the Democratic Republic of the Congo.

The mining assets comprise the Kipoi Project, Lupoto Project, and La Patience permit.

Tiger has also entered a Royalty Deed with Sinomine HK, which it will receive royalty payments under of up to $20m from the revenue generated by the sale of copper and cobalt.

Based in Australia, Tiger is a copper and cobalt exploration company, while Sinomine HK is a Chinese special purpose vehicle comprising geo-tech services company Sinomine Resource Exploration, and Shenzhen Oriental Fortune Capital, a venture capital investment firm.

MAX Resource plans to raise C$540,000 ($430,000) in a private placement of six million units priced at C$0.09 ($0.07) a unit.

Each unit will comprise one common share and one warrant, which entitles the holder to acquire one additional common share at a price of C$0.12 ($0.09) within five years of the placement’s closure.

Based in Canada, MAX Resources is engaged in the exploration of gold, silver, and copper.